Asia's economic calendar this week features a mix of central bank action and key data releases.

The Reserve Bank of India meets Friday, with markets watching for further signs of policy easing amid subdued inflation and geopolitical tensions. Minutes from the Reserve Bank of Australia's May meeting are also due, offering insight into its recent dovish shift.

Manufacturing PMIs from several economies will shed light on regional factory activity, while inflation prints from the Philippines, Thailand, South Korea, and Taiwan will be watched for signs of softening price pressures.

Other key releases include Australia's Q1 GDP, Vietnam's monthly economic indicators, and labor market data from the Philippines.

Here's a day-by-day breakdown of what to watch in Asia this week.

MONDAY, June 2

Asia's manufacturing sector remained uneven in May, according to S&P Global data, as signs of stabilization in some markets contrasted with deepening slowdowns in others.

Indonesia: Factory activity improved but remained in contraction, with the PMI rising to 47.4 in May from April's 46.7. The latest reading marked the second consecutive month of decline, with output falling again, though at a more moderate pace.

South Korea: The manufacturing PMI edged up to 47.7 in May from 47.5 in April, staying in contraction for a fourth month.

Philippines: Factory activity slowed, with the PMI falling to 50.1 in May from 53 in April.

Taiwan: The PMI rose to 48.6 from 47.8, signaling a softer contraction. Still, the sector remained in decline for a third straight month.

Vietnam: Manufacturing conditions improved slightly, with the PMI climbing to 49.8 from 45.6, though the sector remained in contraction territory.

Elsewhere in the region, Indonesia's annual inflation cooled to 1.60% in May from April's eight-month high of 1.95%, as price pressures subsided after the Eid al-Fitr festivities.

Meanwhile, the country's trade activity picked up as exports climbed 5.76% in April, up from 3.16% in the previous month. Imports surged 21.84%, versus 5.34% a month earlier.

Lastly, Hong Kong's retail sales fell 3.3% year-on-year in April, the 14th consecutive month of decline, but slower than March's revised 4.7% drop.

TUESDAY, June 3

Markets will monitor the release of the Reserve Bank of Australia's May meeting minutes on Tuesday, following the central bank's decision to cut interest rates by 25 basis points last month.

Governor Michele Bullock revealed that the board had even considered a deeper 50-basis-point cut, amid rising concerns over a weakening global growth outlook.

The minutes are expected to offer further insight into the RBA's dovish pivot as policymakers grow increasingly worried about the economic fallout from the Trump administration's trade war.

Elsewhere, South Korea will release its May inflation data. A Wall Street Journal poll of analysts forecasts a 2.0% year-on-year rise in the consumer price index, easing from 2.1% in April. On a month-on-month basis, inflation is expected to be flat after edging up 0.1% a month prior.

The data comes on the heels of the Bank of Korea's first rate cut in over a year, trimming its policy rate by 25 basis points to 2.50% in May.

Separately, South Korea will hold its presidential election on Tuesday, a key event that could shape the country's future economic policy direction.

Also on the data calendar are the manufacturing PMIs for China and Malaysia.

WEDNESDAY, June 4

Hong Kong and Singapore's private sector activity readings are due midweek, alongside Australia's first-quarter gross domestic product figure.

Westpac expects Australia's economic growth to have slowed in the early part of the year, forecasting a 0.4% expansion in first-quarter GDP, or 1.5% on an annual basis.

Domestic demand was likely dampened by natural disasters late in the quarter, with growth in this component projected at 0.3% for the quarter and 1.8% year-on-year.

However, this weakness may have been partially offset by a pull-forward in external demand, as businesses rushed to fulfill orders ahead of 'Liberation Day,' Westpac said.

THURSDAY, June 5

Inflation data from the Philippines, Thailand, and Taiwan will be released.

Citi analysts expect deflationary pressures in Thailand to deepen, forecasting a 0.7% year-on-year decline in the consumer price index for May, following a 0.2% drop in April.

In contrast, the Philippines' inflation data is expected to show a modest rise. Citi sees consumer prices increasing 1.6% year-on-year in May, up slightly from the prior month.

In Taiwan, the island economy's inflation is expected at between 1.8% and 2%, compared with 2.03% in April.

ANZ economists think Taiwan's inflation pressures are largely benign and are not an immediate concern for policymakers. Economists broadly expect Taiwan's central bankers to leave rates unchanged at the upcoming June meeting.

Also on the agenda are Australia's trade numbers and Singapore's retail sales figures.

FRIDAY, June 6

India's central bank meets on Friday against a backdrop of market volatility, geopolitical tensions with Pakistan, and rising uncertainty around global tariffs.

With headline inflation at a multi-year low, the Reserve Bank of India has room to continue easing policy, said Shilan Shah of Capital Economics. He warned that any escalation in Kashmir could further dampen investment and consumption.

ANZ Research expects the RBI to cut rates three more times by the end of 2025, citing the need to bolster growth now that inflation is no longer a pressing concern.

In Southeast Asia, Vietnam is set to publish a slate of May economic data, including inflation, retail sales, and industrial production. Meanwhile, the Philippines will report its April unemployment rate.