Asian markets closed sharply lower on the first trading day of the week . The markets came under pressure today after the disappointing Chinese PMI data but if we look more closely towards this number, we will see that the output has actually improved which suggest that sentiment is improving . But, for now, on the release of this Chinese economic number, traders are finding any excuse to lock some of their profits, given the Stella Rally we have seen so far this year. The Japanese Taken survey, which measures the manufacturing activity in the country, matched the expectations. However, the main theme for trading for this week, is without any doubt is the FOMC meeting this week. There is a possibility that the Fed may trigger some sort of tapering this week and this could certainly trigger further sell off for the equity market.