Tuesday's session was marked by NAB Business Confidence figures as well as China's CPI and PPI data. NAB Business Confidence was at 3 points in January, lower than an already downwardly revised December result, dropping half an index point, as sales "deteriorated considerably, profits eased and employment remained soft" in the month. While the silver lining was that non-mining investment was "still reasonable", other industries' conditions were flat-to-lower in the month, NAB chief economist, Alan Oster, said.

Separate report on House Prices Index, showed 1.9% increase, almost in line with market forecasts. The total value of residential dwellings in Australia was $5,399,951.8m at the end of December quarter 2014, rising $124,445m over the quarter.

Chinese Consumer Prices rose by 0.8% YoY. Analysts were forecasting 1.1% increase. This is lowest inflation since November 2009. Food prices rose at the slowest pace in years while the cost of alcohol & tobacco fell again. Falling food and tumbling oil and metals prices are pushing inflation lower, raising real interest rates and suggesting more stimulus is needed.

Chinese Producer Prices fell for the 34th month in a row, this month declining by 4.3%, missing expectations on 3.7% decrease. This is the biggest drop in prices since October 2009 and was led by a 9.9% plunge in fuel costs. To avoid a tightening of credit conditions, the PBOC will likely cut benchmark rates by 25 basis points as early as this month.

From Australia, on Wednesday, Home Loans and Westpac Consumer Sentiment figures were released. Home Loans rose by 2.7%, in seasonally adjusted terms, in December, beating market expectations on 2.3% increase. In seasonally adjusted terms, the total value of dwelling finance commitments excluding alterations and additions rose 4.7%.

The Westpac Melbourne Institute Index of Consumer Sentiment increased by 8% in February from 93.2 in January to 100.7 in February. It represents the first time since February last year that we have seen a majority (albeit miniscule) of optimists over pessimists. It is also the highest level of the Index since January last year.

Morning part of Thursday's session was marked by Australian job figures. Australian employment decreased by 12,200 to 11,668,700, missing expectations on a smaller increase by 4,700. Full-time employment decreased by 28,100 to 8,078,000 and part-time employment increased by 15,900 to 3,590,700.

Unemployment increased 34,500 to 795,200. The number of unemployed persons looking for full-time work increased 200 to 551,800 and the number of unemployed persons only looking for part-time work increased 34,300 to 243,400. Unemployment rate increased 0.3 points to 6.4%. Analysts were predicting smaller increase to 6.2%.

This week markets will be looking at:

New Motor Vehicle Sales (Monday 1:30)

Monetary Policy Meeting Minutes (Tuesday 1:30)