View of the New York Stock Exchange building on Wall Street. Photo: Reuters/Lucas Jackson

After Chinese President Xi Jinping indicated the government intends to double down on financial reforms, targeting state-owned-enterprise debt, the country’s benchmark indices took sharp dive.

The Shanghai Composite closed down 1.43%, while the Shenzhen Composite plunged 4.28%. China’s small-cap index was down 5.8%.

US stocks were in no hurry to do anything to start the week. As of 10:50 Monday morning, he S&P was up 0.09%, the Dow up 0.02% and NASDAQ up 0.11%.