June 3 (Reuters) - A look at the day ahead in Asian

markets.

Asia kicks off the new trading month for global markets on

Monday, with manufacturing PMI data from the continent's biggest

economies setting the local tone and investors still banking on

U.S. and other interest rates coming down soon.

Purchasing managers index figures will show how factory

activity in China, Japan, Taiwan, Australia, South Korea and

India fared last month, and Indonesia's latest inflation figures

will also be released.

The most important Asian PMI for markets will be China's

unofficial Caixin number, which is expected to inch up to 51.5

from 51.4.

That would be welcome relief following the disappointing

official PMI figures on Friday that showed factory activity

contracting again, reviving doubts about the strength of China's

economic recovery.

Economists at Barclays reckon growth in the second quarter

will be virtually zero, and Citi's economic surprises index for

China is negative for the first time in nearly four months.

Japan's flurry of economic indicators late last week sent

mixed signals. Surprisingly strong retail sales suggests the

consumer is in good health, but the same cannot be said for the

industrial sector as production was much weaker than expected.

Global economic signals may be beginning to deteriorate too.

Regional U.S. business activity data on Friday were much weaker

than expected, bolstering the view that the Federal Reserve will

cut rates soon, and the Atlanta Fed's Q2 GDP Nowcaster growth

tracker fell to 2.7% from 3.5%.

The European Central Bank is set to cut rates this week, and

Citi's economic surprises indices across major and emerging

economies have all fallen substantially recently.

Asian markets also wake up on Monday to news that OPEC+ has

agreed to extend most of its deep oil output cuts well into

2025, exceeding expectations, to offset tepid demand growth,

high interest rates and rising rival U.S. production.

Elsewhere on the Asian data front, Indonesia's annual

inflation rate is expected to have cooled slightly in May to

2.9% from 3.0% in April, slipping further into the central

bank's target range of 1.5% to 3.5%.

Although inflation appears to be under control, the central

bank unexpectedly raised rates in April to support the rupiah,

which had fallen to a four-year low against the U.S. dollar.

The rupiah's bounce lasted only a few weeks. The currency is

back probing fresh four-year lows, and last week fell 1.6% for

one of its biggest weekly losses since the pandemic.

On the political front, Indian markets will give their

initial verdict on Prime Minister Narendra Modi's likely victory

in the country's election.

Exit polls released this weekend after six weeks of voting

projected Modi's alliance will increase its 303 seats in the

543-member lower house and likely get the two-thirds majority

needed to initiate amendments to the constitution.

Here are key developments that could provide more direction

to markets on Monday:

- Manufacturing PMIs - China, Japan, South Korea (May)

- Indonesia inflation (May)

- India exit polls reaction