Third-quarter data had few surprises and the Asia-Pacific region (APAC) is seeing decent momentum closing out 2016. Japan's Q3 GDP surprised on the upside at 2.2% seasonally adjusted annualized rate, led by exports. PMIs are trending higher in India on strong sentiment and official rate cuts.

US president-elect Donald Trump has promised an expansionary fiscal policy with large investments in U.S. infrastructure. On the other hand, Trump has criticized China as a currency manipulator and suggested a 45 percent import tariff.

S&P Global Ratings' chief economist for Asia-Pacific, Paul Gruenwald said that it needs to be seen if Trump's anti-globalization sentiment will become official policy and if these Keynesian tendencies stoke U.S. growth, dollar strength, and demand for goods and materials produced by APAC countries.