The Indonesian central bank is scheduled to announce its interest rate decision on Tuesday, headlining a modest day for Asian economic news. Analysts are predicting that the bank will pare rates by 25 basis points, from the current 7.50 percent to 7.25 percent.

The Philippines will release April numbers for inflation, with analysts expecting a 4.7 percent increase on year after the 6.4 percent annual expansion in the previous month. On a monthly basis, inflation is expected to climb 0.4 percent after the 0.1 percent gain in March.

Singapore will announce its purchasing managers' index for April, with forecasts calling for a score of 49.2 - up from 47.1 a month earlier. The electronics PMI is called at 49.7, also gaining after a score of 48.8 in the previous month.

Taiwan will announce April figures for its consumer price index, wholesale price index and foreign reserves. CPI is expected to rise 0.48 percent on year after easing 0.15 percent in March. WPI is called lower by an annual 0.5 percent after easing 9.2 percent in the previous month. Foreign reserves are forecast at $299.73 billion, down from $300.12 billion a month earlier.

Finally, the stock markets in South Korea and Japan are closed for Children's Day, while the bourse in Thailand is off for Coronation Day. South Korea and Thailand will resume trade on Wednesday, while Japan is off until Thursday.

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