This week, major economic data from China and Japan, as well as a central bank rate decision from the Philippines, could be the main drivers for Asian markets. Investors are growing increasingly nervous about the U.S. and global macro outlook, with concerns about the U.S. debt ceiling, credit conditions, and the cumulative effect of Fed rate hikes overshadowing strong U.S. earnings. While world stocks ended last week on a shaky footing, Asian shares ex-Japan inched up for a second weekly rise in a row. However, the latest Chinese economic indicators have been shocking, with inflation and imports collapsing in April, casting severe doubt over the strength of the economy's post-lockdown recovery.