China, Hong Kong stock markets closed for Lunar New Year, India GDP in focus

With several Asian markets closed for Lunar New Year celebrations and only a smattering of Asian data due, the first week of the Year of the Monkey is expected to be a relatively quiet one for investors.

Due on Monday, India's gross domestic product (GDP) likely expanded 7.3 percent year-on-year in the December quarter, down from the 7.4 percent in the previous quarter, reported Moody's Analytics.

Moody's Analytics said that although the growth rate appeared high, India was still operating under a negative output gap, with its potential GDP growth being around 10 percent.

Mizuho Bank said in a note that India's growth "remains uninspiring, even if one of the brightest spots in Asia" as industrial momentum is sputtering and global demand continues to drag most of Asia into a manufacturing recession.

India's December industrial production data is out Friday.

Investors will watch for signs in China's credit data, due Tuesday, that monetary easing had continued to support credit growth, Shane Oliver, head of investment strategy and chief economist at AMP Capital, said in a weekly note.

China's January broad money supply (M2) is expected to show year-on-year growth of 13.8 percent, compared to the previous quarter at 13.3 percent.

M2 refers to the total stock of liquid assets in an economy such as cash and current account deposits, as well as less liquid indicators such as savings deposits and money market mutual funds.

The Philippines' industrial production is expected to grow just 1.5 percent in December on-year, down from November's 7.5 percent on-year gain, as dry weather conditions hit crop output and leads food manufacturing to weigh on broader production numbers, Moody's said.

The Philippines central bank will hold a monetary policy meeting on Thursday.

Mizuho Bank expects the central bank to keep interest rates steady at 4 percent, because of capital outflow risks from global markets volatility and the Federal Reserve's hiking path.

Moreover, there is no urgency to cut rates as the economy was "on a faster growth track," said Mizuho.

National Australian Bank (NAB) will release its business confidence survey on Tuesday, and consumer confidence on Wednesday, which could reflect vulnerability amid global market turbulence, said AMP Capital.

Australia's December home-loan approvals are out on Friday, andare expected to soften slightly after November's strong 1.8 percentgain, Moody's said.

National Australian Bank (NAB) will release its business confidence survey on Tuesday, and consumer confidence on Wednesday, which could reflect vulnerability amid global market turbulence, said AMP Capital.

Australia's December home-loan approvals are out on Friday, and are expected to soften slightly after November's strong 1.8 percent gain, Moody's said.

Feb.8: Hong Kong, Singapore, China, Korea, Taiwan, Malaysia, Phillipines, Vietnam

Feb.9: Hong Kong, Singapore, China, Korea, Taiwan, Malaysia, Vietnam

Feb. 10: Hong Kong, China, Korea, Taiwan, Vietnam

Feb. 11: China, Japan, Taiwan, Vietnam

Feb. 12: China, Taiwan, Vietnam

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