There were no data releases from Australia on Tuesday, however, morning part of the session brought China's GDP and Industrial Production figures. According to the preliminary estimation, the gross domestic product of China was 63,646.3 billion yuan in 2014, an increase of 7.4% at comparable prices. Specifically, the year-on-year growth of the first quarter was 7.4%, the second quarter 7.5%, the third quarter 7.3%, and the fourth quarter 7.3%. This was in line with market forecasts. The gross domestic product of the fourth quarter of 2014 went up by 1.5% on a quarter-on-quarter base.

In December, the total value added of the industrial enterprises above designated sizewas up by 7.9% year-on-year or up by 0.75% month-on-month. Analysts were anticipating smaller growth by 7.4%. The total value added of the industrial enterprises above designated size in 2014 was up by 8.3% at comparable prices. An analysis by types of ownership showed that the value added growth of the state-owned and state holding enterprises was 4.9%, that of the collective enterprises, 1.7%, share-holding enterprises, 9.7%; and enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan, 6.3%.

Morning part of Friday's session brought China's Manufacturing PMI figures. Flash China Manufacturing PMI rose to 49.8 in January from 49.6 in December what is a two-month high. Analysts were not expecting any change. However, index still remains in the area signalling contraction. Domestic demand improved marginally while external demand remained solid.

This week markets will be looking at:

NAB Business Confidence (Tuesday 1:30)

CPI (Wednesday 1:30)

Import Prices (Thursday 1:30)

PPI (Friday 1:30)