Mixed to positive leads from Friday night trading could set Asia Pacific markets set the tone for the trading week today. Although shares and oil rose in both European and American trading, industrial metals came under pressure and the US dollar weakened. Market reactions to the release of the Caixin China manufacturing PMI mid-session may be a determining factor.

A heavy load of data releases this week will speak to activity and employment around the globe. Combined with a US holiday mid-week these factors could depress trading volumes today ahead of a clearer economic picture. China PMIs throughout the week and US employment data on Friday night have potential to move investor views.

Trade concerns remain the key short term risk. The introduction of tariffs is slated for this Friday. No news on agreement among the major players this week may drag on sentiment. A high degree of sensitivity to trade related news is likely.

Given ever present fears about housing and its impact on the economy, Australian investors may look to building approvals data tomorrow morning as a leading indicator. No change is expected from the RBA tomorrow afternoon, but the view from Martin Place will receive close scrutiny.