China’s slow manufacturing recovery next week

Barring Chinese policy maneuvers that are not subject to any preset schedule, Asian markets should spend most of the week driven by global forces already outlined above with the exception of mainland Chinese equities that often trade largely in isolation of global affairs.

Chinese manufacturing data is probably the only Asian risk to the global market tone. That arrives on Tuesday,July 1st evening NY time, and the expectation is that the official state version of the purchasing managers' index for the manufacturing sector will follow the private version's move slightly higher. 

The private PMI lies just a hair below the 50 dividing line (i.e., in contraction territory) whereas the state's version lies just above in expansion territory.