We just kicked off a big data day in Asia with South Korean CPI which has come in slightly higher than expected but growth overall was up only 0.2%m/m. Nothing to get excited about but a very behind the curve central bank has little room to wiggle on rates and we should see another 25bps hike this month. The main data event in Asia is of course the two China PMI releases. The official release is due out at 0100GMT (median forecast 51.5) whilst the HSBC number is out 90 minutes later. Players are hoping the shocking HSBC flash PMI reading (50.1) is an outlier. There are of course other releases too numerous to mention here.