Monday's holiday-shortened trading saw minimal movement in Asian equities, with all eyes focused on this week's Federal Reserve meeting and the widely anticipated interest rate decrease by the central bank.

After a flurry of bleak economic data from the mainland was made public over the weekend, Hong Kong dropped.

Nonetheless, because of market holidays in China, Japan, and South Korea, regional trade volumes were constrained.

The recent robust performance of Wall Street, which was driven by increased confidence over lower interest rates, provided some encouraging signals for Asian markets. On Friday, the Dow Jones Industrial Average and the S&P 500 both almost reached all-time highs.

U.S. stock index futures remained relatively flat in response to news of a second attempt on the life of Republican presidential candidate Donald Trump.

Following gloomy Chinese economic data, losses in mainland equities contributed to Hong Kong's Hang Seng index's 0.6% decline.

Chinese retail sales and industrial production declined less than anticipated in August, according to data that was made public over the weekend.

For a second consecutive month, house prices fell as unemployment increased.

The data further damaged the attitude towards the nation and regional markets by heightening worries of a prolonged slump in the largest economy in Asia.

Chinese markets on the mainland were closed for the day, but when they return on Thursday, they probably won't rise by much.

It is widely anticipated that the Federal Reserve would lower interest rates on Wednesday after its meeting.

However, traders are divided on the exact amount of rate cuts the Fed will make.

According to CME Fedwatch, traders are pricing in a 50% likelihood of a 50 basis point cut and a 50% chance of a 25 bps cut.

Nevertheless, the Fed is probably going to begin its easing cycle on Wednesday, and lower rates will make the market more accommodating for equities.

(Sources: investing.com, reuters.com)