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China PMI and a dose of US payrolls for Asia this week
A snapshot of Chinese manufacturing activity this month is expected to be on the radar for Asian markets this week, alongside the latest Japanese inflation numbers and gross domestic product (GDP) data out of South Korea.
The September U.S. non-farm payrolls report, which was delayed by the 16-day partial U.S. government shutdown , is now scheduled for release on Tuesday and is likely to be a key focus for global markets.
"In the next couple of weeks, you're going to see calmer markets because any data that comes out, everybody's going to be discounting it and asking how much of that was impacted by the government shutdown," Kumar Palghat, managing director at Kapstream Capital, told CNBC Asia's " Squawk Box ."
(Read more: Get ready: Here comes the jobs report )
The HSBC (London Stock Exchange: HSBA-GB) flash China Purchasing Managers Index (PMI) for October is due out on Thursday. The final reading of the September PMI came in at 50.2, significantly below the flash estimate of 51.2.
Analysts say that the data will be scrutinized for clues on how the world's second-biggest economy is doing in the final three months of the year.
"We'll certainly watch the China flash HSBC PMI to see if the acceleration in growth seen in the third quarter continued into the first month of the fourth quarter," said Moody's Analytics Economist Matthew Circosta.
Data released on Friday showed China's economy grew 7.8 percent on-year in the third quarter, up from 7.5 percent in the second quarter.
(Read more: China logs best growth so far this year )
In Japan, inflation numbers due out on Friday could shed some light on whether the world's number three economy is putting deflation firmly in the past.
Economists polled by Reuters forecast Japan's core Consumer Price Index (CPI), which excludes volatile food prices, rose 0.7 percent in September from a year earlier, compared with a rise of 0.8 percent the month earlier.
Japan's central bank embarked on an aggressive bond-buying program earlier this year to lift inflation to 2 percent over a two-year timeframe. The radical monetary policy is part of Prime Minister Shinzo Abe's plan, dubbed Abenomics, to revive Japan's economic fortunes.
"Japan's inflation data is also important because of Abenomics and we're looking for a 0.9 percent year-on-year rise in the core CPI for September," said Circosta. "All the signs are that Abenomics is helping Japan emerge from two decades of deflation."
Analysts say inflation numbers in Australia on Wednesday should be in focus for local markets amid talk about whether the Reserve Bank of Australia is likely to lower interest rates again.
(Read more: Australia central bank keeps door open to cut )
Australian CPI is forecast to have risen 1.8 percent year-on-year in the third quarter, compared with a 2.4 percent rise in the previous quarter.
"September quarter inflation data is likely to show a sharp rise in the quarter of 0.8 percent reflecting a 6 percent rise in petrol prices due largely to the mid-year fall in the Australian dollar," Shane Oliver, chief economist at AMP Capital in Sydney, said in a note.
Elsewhere in Asia, South Korea on Thursday releases the advance estimate of its GDP growth in the third quarter.
Taiwan September export numbers are expected later on Monday, while Singapore releases its latest inflation data on Wednesday, while the Philippine central bank meets on Thursday.
A number of major countries in the Asia-Pacific region report earnings this week, including India's Wipro (:WIPRO-IN) and China's ZTE .
- CNBC.Com's Dhara Ranasinghe; Follow her on Twitter @DharaCNBC
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