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stores Futures were under pressure on Monday morning as worries ended ChinaAhead of the Federal Reserve’s upcoming policy meeting, an asset bubble created a ruckus in global markets.

The Dow Jones Industrial Average futures lost 613 points, or 1.78%, while the S&P 500 futures and Nasdaq 100 futures were down 0.32% and 1.42%, respectively.

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Shares of Chinese real estate developer Evergrande fell more than 15% on Monday amid concerns that the company would not be able to pay off debt later this week.

Investors swap cash for shares in bullish frenzy ahead of Fed meeting

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Some market watchers have compared the collapse of the US investment bank, which started the 2008 financial crisis, to Evergrande China’s “Lehman Brothers moment”.

Hong Kong’s Hang Seng index lost 3.3%, while China’s Shanghai Composite remained closed for a holiday. The selling spread to Europe, where Germany’s DAX 30 fell 2.37%, France’s CAC 40 fell 2.29% and Britain’s FTSE 100 fell 1.7%.

Closer to home, investors await the Federal Reserve’s two-day policy meeting, where the central bank may announce when its $120 billion per month asset purchases will begin.

Among stocks, financially sensitive companies including Caterpillar Inc and Boeing Co pulled down the Dow amid growth skepticism.

Those concerns caused a flight to the Treasury, slashing the yield on the 10-year note by 3 basis points to 1.33% and flattening the yield curve. Bank shares declined, with JPMorgan Chase & Company, Bank of America Corp and Citigroup Inc.

Meanwhile, Pfizer Inc and BioNTech SE said their COVID-19 vaccine is safe and effective in children aged 5 to 11. The companies plan to seek authorization in the US, Europe and elsewhere as soon as possible.

Energy stocks including Chevron Corp and Halliburton Co were weak as West Texas Intermediate crude fell $1.42 to $70.55 a barrel.

Elsewhere, Barrick Gold Crop. And Newmont Corp outperformed as gold rose $5.70 to $1,757.10 an ounce.

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Economic data is light on Monday with the National Association of Home Builders to release its latest assessment on housing conditions