Futures point to a cautious open for Asian equities as market watchers focus on China's key 2015 growth data, due out at 10am SIN/HK.
The Australian market opened in the red, with the main ASX 200 (.AXJO) trading down 0.19 percent, weighed by the energy sector, which was down 1.40 percent. The index has lost 18.78 percent since its 52-week high of 5,982.69, set in April 2015, pushing it near bear market territory.
Japanese futures were mixed with the Chicago futures trading up 0.24 percent at 16,860 while Osaka futures were down 0.18 percent at 16,830. The Nikkei 225 (.N225) finished Monday's session at 16,955.57, down 18.74 percent from its 52-week high of 20,868.03 set June 2015.
China is set to release its fourth quarter gross domestic product (GDP) numbers and issue a full-year growth guidance for 2015.
After a turbulent year that saw massive sell-offs in China's equity markets and threats of an economic hard landing hanging over the world's second largest economy, most economists expect to see an annual growth rate below the 7 percent benchmark that was set by Beijing.
Oil prices, meanwhile, are expected to stay under pressure from Iran's re-entry into the global supply market after international sanctions on the country were lifted at the weekend.
U.S. crude futures finished lower by 48 cents at $28.94 a barrel, after hitting a 2003 low of $28.36 earlier in the session overnight. Globally traded Brent futures fell by 29 cents at $28.64 a barrel.
Angus Nicholson, market analyst at spreadbetter IG, said in his morning note that with the lifting of sanctions, "oil is now suffering its most intense period of price pressures."
Though a global supply glut exists, Nicholson said "the more pressing question for the oil price will be the pace at which Iranian oil production picks up," after Iranian officials said they were determined to increase production.
Markets in Wall Street were closed overnight for the Martin Luther King Day holiday.
Asian markets on tenterhooks in GDP countdown
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Oleh
Lanka Stocks
