As investors usher in a new month, Asian markets are poised for a week of crucial economic indicators and potential political shifts.

Key events include central bank policy decisions from the Bank of Japan and Thailand, pivotal GDP and trade data releases, and a series of manufacturing PMIs across the region.

Additionally, significant elections in Singapore and Australia will add a layer of political intrigue.

Beyond regional data, global cues will also be in focus, with markets closely eyeing the releases of US GDP and jobs data, alongside US-Sino trade tensions and any further developments regarding potential tariff actions.

Here's a breakdown of the key events to watch this week.

MONDAY, April 28

Taiwan's consumer confidence index plummeted to a one-year low of 68.21 in April, a significant decrease from March's 71.86.

In Singapore, the unemployment rate rose to 2.1% in the first quarter of 2025 from 1.9% in the preceding three quarters, according to the flash estimate of the city-state's manpower ministry.

Meanwhile, producer prices in Malaysia declined 1.9% year over year in March, reversing a 0.3% gain in February.

Lastly, Hong Kong's trade activity strengthened in March as exports rose 18.5% from a year earlier, accelerating from the 15.4% growth in the previous month. March imports climbed 16.6%, faster than 11.8% in February.

TUESDAY, April 29

Tuesday's economic calendar features Singapore's export, import, and producer prices.

WEDNESDAY, April 30

Amid the escalation of the US-Sino tariff dispute, all eyes will be on China's PMI data due on Wednesday. Both the official and Caixin readings will offer the first insights into the manufacturing sector's performance under these new pressures.

Meanwhile, the Bank of Thailand is expected to lower interest rates on Wednesday, as mounting local and international economic headwinds bolster expectations for monetary policy easing.

The BOT in February surprised markets with a rate cut, citing worries over loan expansion, household credit, and currency stability.

Since then, Thailand's economic outlook has been further clouded by new challenges, including a 36% reciprocal tariff levied by the Trump administration and disruptions from a recent earthquake in neighboring Myanmar.

Analysts at Barclays anticipate these "material growth risks will likely push" the Thai central bank to implement another rate cut in April.

Furthermore, Taiwan is set to release its first-quarter GDP figures, with expectations pointing towards year-on-year growth of around 3.3%, according to ING Bank.

Analysts at ING suggest that Taiwan's economic performance during the quarter likely benefited from a degree of import frontloading by customers in the US.

Elsewhere in the region, Australia's monthly CPI indicator will be available midweek.

"The CPI indicator for March is expected to print at 2.1%/yr from 2.4%/yr previously. The expected easing in the CPI indicator reflects lower fuel prices, moderating administered price inflation, and softer housing inflation. This is anticipated to be only partially offset by rising electricity prices and an expected increase in holiday travel & accommodation," CommBank Research said in a note.

Midweek will also see the release of industrial production and retail sales numbers from South Korea, Japan, and Thailand.

THURSDAY, May 1

The Bank of Japan is expected to maintain its current policy settings at its meeting on Thursday, despite persistent inflationary pressures. Uncertainty surrounding U.S. trade policy is seen as a key factor influencing the central bank's decision to hold rates steady.

Analysts anticipate that the BOJ will likely use the meeting to prepare markets for potential interest rate hikes in the coming months.

Thursday will also see the release of trade figures from South Korea and Australia.

ING Bank predicts a decline in Korean exports, driven by weaker-than-expected GDP growth and a contraction in construction and equipment investment. Early trade data for April suggests a possible downturn in exports due to the impact of U.S. tariffs.

Meanwhile, Westpac economists anticipate an increase in Australian exports for March, owing to a significant pickup in goods flow through the country's major ports during the month.

FRIDAY, May 2

South Korea and Indonesia will publish inflation readings for April.

ING expects inflation in Korea to have risen 2.2% year on year, owing to the increase in food and service costs, which offset the decline in gas prices.

Conversely, inflation in Indonesia likely moderated to 1.03% from 1.2%, according to Trading Economics.

Also scheduled for release on Friday are the manufacturing PMIs of Indonesia, Malaysia, the Philippines, South Korea, Taiwan, and Thailand, as well as Japan's unemployment rate.

Furthermore, Hong Kong will release its preliminary first-quarter GDP estimate, offering a snapshot of economic growth in the first three months of 2025.

SATURDAY, May 2

Singaporeans are set to cast their ballots on Saturday in the nation's 14th general election.

Simultaneously, Australia will hold its federal election on May 3rd, where citizens will elect members of the 48th Parliament.