Also on Tuesday night, Japanese markets will receive inflation data with the release of April's CGPI report.

Japanese domestic CGPI for April is expected to show a 0.5% month-over-month increase, in line with its previous rise. Annually, it is expected to show a 3.6% increase, down from a previous 3.9% rise.

In Australia, Westpac's consumer sentiment index for May is scheduled to be released. In April, the index showed a 1.3% decrease.

In more Japanese data, markets will receive March's trade balance, which is expected to show a surplus of ¥1233.0 billion, down from February's surplus of ¥1035.3 billion. March's current account balance will also be released, which is expected to show a surplus of ¥1959.7 billion, up from the previous month's surplus of ¥1461.1 billion.

All times in EDT

Tuesday:

19:50 JN Loans & Discounts Corp (Annualized) March Prior: 0.0%

19:50 JN Domestic CGPI (Monthly) April Exp: +0.5% Prior: +0.5%

19:50 JN Domestic CGPI (Annualized) April Exp: +3.6% Prior: +3.9%

19:50 JN Current Account Total March Exp: ¥2800.0B Prior: ¥2467.7B

19:50 JN Adjusted Current Account Total March Exp: +¥1950.0B Prior: +¥1461.1B

19:50 JN Trade Balance - BOP Basis March Exp: +¥1233.0B Prior: +¥1035.3B

20:30 AU Westpac Consumer Confidence May Prior: -1.3%

21:30 AU Wage Cost Index (Quarterly) 1Q Exp: +1.1% Prior: +1.1%

21:30 AU Wage Cost Index (Annualized) 1Q Exp: +4.3% Prior: +4.2%

13-May AU Commonwealth Budget

By Neils Christensen, This email address is being protected from spam bots, you need Javascript enabled to view it , edited by Nancy Girgis, This email address is being protected from spam bots, you need Javascript enabled to view it