There were no major data releases from Australia on Wednesday, but from China' CPI and PPI figures were released. Chinese consumer prices weakened further in March, but were little changed compared to a year ago, while producer prices rose at a steady pace. Beijing’s official consumer price index (CPI) rose 0.9% from a year ago, after slowing to 0.8% in February, the National Bureau of Statistics said in a report on Wednesday. Analysts in a median estimate called for a year-over-year gain of 1.1%. Consumer inflation has weakened sharply over the past two months after recording its strongest expansion since mid-2014.

Compared to December, consumer prices fell 0.3%, following a 0.2% decline the previous month. Forecasts called for a monthly drop of 0.2%. A separate gauge of factory-gate prices known as the producer price index (PPI) 7.6% in the 12 months through March, matching forecasts. Producer inflation surged 7.8% in February, the biggest expansion since the financial crisis. Producer prices have risen in each of the last seven months, overcoming more than four years of deflation.

Focus of the Thursday's session was on Australian job figures. Australian employment change rose more-than-expected last month, official data showed on Thursday. In a report, Australian Bureau of Statistics said that Australian employment change rose to a seasonally adjusted 60.9K, from 2.8K in the preceding month whose figure was revised up from -6.4K. Australia’s unemployment rate remained unchanged last month, official data showed on Thursday. Australian unemployment rate remained unchanged at a seasonally adjusted 5.9%, from 5.9% in the preceding month. Analysts had expected Australian unemployment rate to remain unchanged at 5.9% last month.

This week markets will be looking at:

GDP (Monday 4:00)

Industrial Production (Monday 4:00)

Monetary Policy Meeting Minutes (Tuesday 3:30)

NAB Quarterly Business Confidence (Thursday 3:30)