Asia's central banks will likely hog the market spotlight this week, while earnings season continues in Japan with Panasonic (Tokyo Stock Exchange: 6752.T-JP), Sharp (Tokyo Stock Exchange: 6753.T-JP), Toyota Motor (Tokyo Stock Exchange: 7203.T-JP), Mazda (Tokyo Stock Exchange: 7261.T-JP) and Mitsubishi Motors (Tokyo Stock Exchange: 7211.T-JP) handing in their report cards.
Meanwhile, a private survey of China's manufacturing activity could provide some insight into the state of the world's second-largest economy.
Central banks
After a string of unexpected moves by central banks as of late, the Reserve Bank of Australia's (RBA) policy meeting on Tuesday will likely attract more attention than usual.
Analyst expect the RBA to join the easing bandwagon, after its Asian peers India and Singapore recently surprised markets with inter-meeting easing measures. Beyond Asia, the European Central Bank (ECB) unleashed a larger-than-expected bond-buying program on January 22, while the Bank of Canada cut its benchmark rate for the first time since 2010 in the same week.
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A 25 basis point reduction in interest rate will make sense as "insurance" to improve the Australian economy, wrote Shane Oliver, head of Investment Strategy and chief economist at AMP Capital, in a note.
"Growth is too low, confidence is subdued, prices for key commodities like iron ore and energy have collapsed resulting in a much bigger hit to national income than expected. Besides, the Australian dollar remains too high and is set to bounce if the RBA fails to cut soon," he added.
Australia's benchmark S&P ASX 200 (^AXJO) index rallied to a more than four-month high last Friday, chalking up a seven-session winning streak, while the Aussie dollar (Exchange:AUD=) settled at $0.7766 to the greenback, on the back of rising hopes for a RBA move.
Central bankers in India are also due to meet on Tuesday, following an unscheduled inter-meeting rate cut two weeks ago. The Reserve Bank of India (RBI) cut its key repo rate by 25 basis points to 7.75 percent, its first cut since March 2013, citing lower-than-expected inflation and weak crude oil prices.
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China PMI
Investors will also watch HSBC's final reading of China's factory activity for January, due on Monday. Economists polled by Reuters sees the purchasing managers' index (PMI) inching up to 49.8, slightly higher than HSBC's final figure of 49.5 in December, and in line with last week's preliminary reading and an official survey announced at the weekend.