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Asia to focus on China PMI, Japan data

Asian investors will be focusing on Asia's two largest economies this week amid a raft of data releases.

Traders will also be monitoring news out of Indonesia for results of the country's presidential elections held earlier in the month. An official outcome is expected on Tuesday and according to private tallies, Jakarta Governor Joko Widodo is leading the race with 53 percent of the vote.

Developments in Malaysia may be closely watched following the crash of a Malaysia Airlines passenger plane in eastern Ukraine last Thursday.

Read MoreWest toughens calls on Russia to cooperate over MH17

Wednesday

Australia's second-quarter consumer price report is due on Wednesday, which is expected to reveal benign inflation pressures. In the first three months of the year, consumer prices rose 0.8 percent on a month-on-month basis and consensus forecasts this quarter are for a 0.6 percent rise.

Read MoreAustralia jobless rate at decade high of 6 percent

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"For headline CPI we look for 0.4 percent [increase], lower than the consensus 0.6 percent pickup. For the underlying rate, we look for a rise of 0.6 percent, from 0.5 percent in Q1 but in line with the trend over the past year, apart from Q4's 0.9 percent outlier," said economists at National Australia Bank in a note.

New Zealand markets will also be in focus on the back of second-quarter consumer inflation figures.

Read MoreNew Zealand may kick start race to mine the ocean floor

A Reuters poll shows economists expect the consumer price index to have risen 0.4 percent in the three months to June, which would take the annual rate to 1.8 percent, the highest since 2011.

Japan will post trade data for June at 7:50am SIN/HK. In May, the economy's trade deficit narrowed to 909 billion yen ($8.9 billion), marking the 23rd consecutive monthly shortfall and investors will be watching whether the declining trend will continue.

Thursday

HSBC releases its preliminary reading of China's purchasing managers' index (PMI) for the month of July, which is likely to show a further modest improvement to 50.8.

Read MoreChina economy grows 7.5% in the second quarter

That would top the bank's final reading of 50.7 last month, but still well below the seven-month high Beijing's June official figure of 51.

Meanwhile, the Reserve Bank of New Zealand is due out with its monetary policy decision. National Australia Bank expects the central bank to hike its overnight cash rate for a fourth time in a row, by 25 basis points to 3.5 percent following June's quarter-point cut.

Read MoreIt may be four rate hikes in a row for New Zealand

"To us it is simply too early to back off its stated tightening cycle when domestic demand remains so robust. With the economy evolving broadly in line with June MPS forecasts, the RBNZ commentary is likely to generally support its previous rate intentions," said the bank.

Japan releases consumer price inflation before Tokyo's 8am market open, which is seen remaining above 3 percent for the next 12 months, according to Moody's Analytics.

Finally, South Korea also releases advanced second-quarter gross domestic product (GDP). Following the first quarter's 0.9 percent monthly rise, Moody's is expecting Thursday's data to reveal a sharp slowdown to 0.5 percent, citing weak job creation and exports.

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