A preliminary reading of Chinese factory activity and Japanese economic data are expected to set the tone of trading in Asia this week.
U.S. President Barack Obama's visit to Asia will also be in the background as he stops by Japan, South Korea, Malaysia and the Philippines with a key focus on advancing the Trans-Pacific Partnership (TPP) deal, experts say.
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China's HSBC flash purchasing manager's index (PMI) for April will be the region's key event risk. Due on Wednesday, "it is expected to strengthen to 48.5 from 48, but still remain in contraction territory below 50," said IG market analyst Chris Beauchamp in a note.
The investment bank's final reading for the China PMI of 48 for March marked its lowest reading in eight months and painted a contrary picture to the government's figure for the same period. According to the National Bureau of Statistics, the PMI rose to 50.3, a touch higher than February's 50.2 reading.
The data will follow last week's better-than-expected gross domestic product, which showed the economy grew 7.4 percent in the first three months of the year.
"From a macro point of view, it's all about China. That's obviously the biggest macro risk," Richard Jerram, chief economist at the Bank of Singapore, told CNBC on Monday.
"The HSBC PMI has really high value at the moment because it's a very reliable statistic in a world where a lot of the Chinese data is dubious to say the least. I think we put a lot of emphasis on the PMIs," he added.