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Members of the Reserve Bank of Australia's monetary policy board decided that it was appropriate to trim the nation's benchmark interest rate in order to spur economic growth, minutes from the RBA's May 8 meeting revealed on Tuesday. Economic growth is expected to come in slightly below trend, the RBA said, strengthening the case for a rate cut.

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U.K. consumer price inflation slowed more-than-expected to a seven-month low in April on falling petrol and air fares, official data revealed Tuesday. The slowdown provides relief for consumers as it raises purchasing power, while it gives more scope for the central bank to ease monetary policy.

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Poland's industrial production grew less-than-expected in April, data released by the Central Statistical Office showed Tuesday.

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Japan saw a merchandise trade deficit of 879.936 billion yen in April, the Ministry of Finance said on Wednesday.

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Japan posted a merchandise trade deficit of 879.936 billion yen in April, the Ministry of Finance said on Wednesday - slipping into the red for the ninth consecutive month.

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The Bank of Japan on Wednesday decided to keep its ultra-loose monetary policy unchanged, as expected, suggesting that the bank is moving cautiously amid concerns over the recent turmoil in the bond market. The policy board said the bank will conduct money market operations so that the monetary base will increase at an annual pace of about JPY 60-70 trillion.

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Confidence among Australian consumers declined sharply in May to its lowest level since August 2012, driven largely by negative responses to the Federal Budget, a survey by Westpac and Melbourne Institute showed Wednesday. The index of consumer sentiment fell 7 percent in May to 97.6 from 104.9 in April. This is the lowest reading since August 2012.

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Existing home sales in the U.S. saw a modest increase in the month of April, according to a report released by the National Association of Realtors on Wednesday. NAR said existing home sales climbed 0.6 percent to a seasonally adjusted annual rate of 4.97 million in April from an upwardly revised 4.94 million in March.

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Federal Reserve Chairman Ben Bernanke on Wednesday downplayed speculation that the central bank is planning to taper its $85 billion monthly bond buying program.

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China's manufacturing sector contracted for the first time in seven months in May amid poor demand, fueling concerns that the weakness in the economy may persist for some more time. The headline purchasing managers' index, an indicator of the health of the factory sector, fell to a seven-month low of 49.6 in May from 50.4 in April. Readings below 50 indicate contraction of the sector.

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