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What’s important in Asia this week

This week in Asia, focus is expected to turn to a central bank meeting in Australia, economic growth data from Indonesia and a key meeting of China's Communist Party.

There's also plenty going on outside the region with the Bank of England and European Central Bank both meeting on Thursday, while the U.S. releases its closely-watched monthly jobs report on Friday.

(Read more: Why this one event will dominate trading this week)

The Reserve Bank of Australia meets on Tuesday and is widely expected to leave its benchmark lending rate steady at a record low of 2.50 percent. Data over the past month has pointed to stabilization in the economy, with data on Monday showing retail sales rose a stronger-than-expected 0.8 percent in September from a month earlier.

Still, some analysts say there is scope for another interest rate cut in the months ahead.


Chinese President Xi Jinping
Getty Images
Chinese President Xi Jinping

"We're looking for a cut in the cash rate in December," Martin Lakos, division director at Macquarie Private Wealth told CNBC Asia's "Squawk Box."

"We don't believe there will be a cut tomorrow. We are tracking sub-trend growth and that's after 200 basis points worth of rate cuts [since late 2011], so we expect another rate cut," he added.

Indonesia meanwhile releases third-quarter gross domestic product (GDP) data on Wednesday.

Economists polled by Reuters forecast the economy grew an annual 5.6 percent, the slowest pace since December 2009, and compared with a 5.81 percent rise in the previous quarter.

Indonesia and India bore the brunt of a brutal sell-off in emerging markets just a few months ago, with focus turning to wide current-account deficits in the two countries.

(Read more: Down but not – Indonesian plays still offer value)

"We will see 3Q GDP numbers from Indonesia, which we expect to print at 5.7 percent year-on-year, from 5.8 percent year-on-year the previous quarter. Moving forward, while economic activity has thus far been supported by consumer spending, we suspect that this will be the next shoe to drop," said Robert Prior-Wandesforde, director for non-Japan Asia economics at Credit Suisse, in a note.

In China, data on Friday is expected to show that exports rose 0.5 percent in October from the previous year, bouncing back from a decline of 0.3 percent in September, according to a Reuters poll.

(Read more: What hard landing? China service sector picks up)

The numbers are released a day before a closely-anticipated meeting of China's Communist Party is due to begin and a raft of monthly economic data including retail sales and industrial output numbers are scheduled for release.

"The new leadership led by President Xi Jinping is likely to use the plenary session to unveil the reforms' architecture and jump-start the reform efforts that have lost momentum over the past decade," said Prior-Wandesforde.

Elsewhere in Asia, Malaysia's central bank is expected to leave monetary policy on hold when it meets on Thursday.

— By CNBC.com's Dhara Ranasinghe; Follow her on Twitter @DharaCNBC

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