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It’s Valentines Day in Asia, but the markets only have eyes… for Yellen.

Wall Street has only just closed, but investors in Asia and the world over will be keyed up to look for hints on US monetary policy during Federal Reserve chair Janet Yellen’s semiannual testimony to the Senate Banking Committee on Tuesday, and again on Wednesday when she speaks to the House Financial Services Committee.

Speaking of Wall Street, the S&P 500 index closed Monday up 0.5 per cent in New York, while in London the FTSE 100 index ended trading up 0.3 per cent.

The early outlook for Asian equities on Tuesday is sunny, as futures tip Australia’s S&P/ASX 200 to open trading up 0.7 per cent. Tokyo’s Topix index is expected to open 0.5 per cent higher and Hong Kong’s Hang Seng index is set to start the morning session up 0.6 per cent.

Corporate earnings reports out today include Toshiba (11.00), Japan Post Holdings (14.00), OCBC Bank and Tata Motors.

The economic calendar on Tuesday isn’t terribly dense, but packs a few heavy hitters all the same (all times Hong Kong):

  • 09.30: China consumer and producer price inflation
  • 12.30: Japan industrial production
  • 14.30: India wholesale inflation
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