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.
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.