Data deluge means action-packed week for Asia markets

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It's shaping up to be an eventful trading week for Asian investors, with a raft out key economic indicators out of China and yet another deadline looming for Greece after weekend bailout negotiations proved inconclusive.

At an emergency summit on Sunday, euro zone leaders told Athens that it needed to do more to restore the trust of its creditors before it can get the funds it urgently needs.

Greek Prime Minister Alexis Tsipras will have to push new austerity measures - harsher than the ones the Greek people so vehemently rejected in a referendum last weekend - through parliament by July 15. Only once the legislation is passed will the other 18 member countries of the euro zone agree to start negotiations for a third bailout program.

Read MoreGreece talks rumble on: Athens still has more to do

Closer to home, investors will naturally be keeping a keen eye on China after wild swings rocked the country's stock market last week.

In the week ended July 10, the Shanghai Composite rebounded over 5 percent, staging a surprise turnaround after three weeks of hefty losses, amid a series of government measures to shore up investor confidence.

This week's tranche of economic data out of the world's second largest economy including trade balance – due out on Monday – and retail sales, fixed asset investment, industrial production and gross domestic product (GDP) – scheduled for Wednesday - could influence the market's direction.

China's economy is expected to have slowed further in the second quarter. Economists predict GDP growth dipped below 7 percent in the April-June period, following 7 percent expansion in January-March.

"China's economy treaded water in the second quarter. Industrial production rose slightly, but investment remained weak. The underlying factor is the housing slump, which continues to weigh on the real economy," Moody's Analytics, which expects 6.8 percent growth, wrote in a note.

"Trade was a mild boost to growth, mostly thanks to lower imports. Stimulus measures will help boost growth, but the effect will be fully felt later in the year," it said.

Also on the data front, India is scheduled to report its closely watched consumer inflation index (CPI) for June on Monday. CPI is the main gauge used by the Reserve Bank of India to gauge movement in prices.

Elsewhere in the region, Singapore will also publish an advance GDP estimates for the second quarter on Tuesday, which is expected to show the show the economy grew 2.6 percent on year, according to Goldman Sachs.

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"We expect weakness in the manufacturing sector to be cushioned by the resilient growth of the finance and insurance sector. Singapore is expected to post another quarter of trade surplus, partly on the back of weak imports. We expect private consumption to have remained robust in Q2," the bank wrote in a note.

Finally, the Bank of Japan will be back in the spotlight this week, with its two-day monetary policy meeting concluding on Wednesday.

While the central bank is not expected to reveal any new cards from up its sleeve at this point, commentary from BOJ Governor Haruhiko Kuroda will be watched for fresh clues about the direction of monetary policy.

-CNBC's Phillip Tutt contributed to this report