Separate report on official China Manufacturing PMI showed decline due to manufacturers fight rising costs and softening demand in a cooling economy. Reading showed decrease to 50.3 in November from 50.8 in October, missing market expectations on smaller decline to 50.5 , but remained above the 50-point level that separates growth from contraction on a monthly basis. Besides, Final HSBC Manufacturing PMI figures were released. There was no change from prelim reading of 50.0.

On Tuesday, Building Approvals and Current Account figures were released. According to the latest release seasonally adjusted estimate for total dwellings approved rose 11.4% in October following a fall of 11.2% in the previous month. It was above market expectations on a rise to 5.2%. The seasonally adjusted estimate for private sector houses fell 0.2% in October, while it rose for private sector dwellings excluding by 31.3% following a fall of 24.5% in the previous month.

Separate report, on current account showed that current account deficit, seasonally adjusted, fell $1,423m (10%) to $12,525m in the September quarter 2014, beating market forecasts on smaller decline to $13, 500m. The deficit on the balance of goods and services fell $186m (4%) to $4,381m in the September quarter 2014. The primary income deficit fell $1,239m (14%) to $7,606m.

Morning part of session, on Wednesday, was marked by Australian GDP data. In seasonally adjusted terms, Australian GDP increased by 0.3% in the September quarter. Analysts were predicting 0.7% growth. The Terms of trade decreased 3.5%, and Real gross domestic income decreased 0.4%. Separate report, on China Non-Manufacturing PMI, showed slight incline to 53.9, but data was of no impact to the markets.

Thursday brought Retail Sales and Trade Balance figures. Latest ABS report showed that in a seasonally adjusted terms Australian Retail Sales rose 0.4% in October 2014, beating market forecasts on 0.1% increase. This follows a rise of 1.3% in September 2014 and a rise of 0.1% in August 2014.

Separate report on Trade Balance also beat market predictions on $1.85 billion deficit and showed $1.32 billion deficit, a decrease of $912m (41%) on the deficit in September 2014. Goods and services credits rose by $409m (2%) to $26,904m, while goods and services debits fell $503m (2%) to $28,227m.

Next week markets will be looking at:

ANZ Job Advertisements (Monday 1:30)

NAB Business Confidence (Tuesday 1:30)

Westpac Consumer Sentiment (Wednesday 00:30)

Home Loans (Wednesday 1:30)

Chinese CPI/PPI (Wednesday 2:30)

MI Inflation Expectations (Thursday 1:00)

Employment Change/Unemployment Rate (Thursday 1:30)

Chinese Industrial Production (Friday 6:30)