Equity markets took a breather in September with most major exchanges declining for the month. As foreshadowed in last month’s report, the market correction was not a complete surprise given a growing list of uncertainties and a natural inclination for investors to take profits after a strong run so far in 2021. The US market suffered its largest monthly decline since March 2020 by falling 4.7%, but despite this correction it remains 15% higher this calendar year. The Australian market fared a little better falling by just 2.7% for the month with most other global markets declining by similar margins, except for China which managed to improve by 1.1% despite the uncertainty concerning the state of its property market. While the debt crisis facing Evergrande remains unresolved, there is a growing belief that the Chinese government will intervene if necessary to prevent any contagion effect. It is estimated by Nomura Holdings that Chinese property developers collectively hold $US5 trillion in debt, more than double the level of 2016.