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Germany's manufacturing sector shrunk at a slower pace in May as output and new business recovered after deterioration in the previous two months, survey data showed Monday.

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Continuing contraction in manufacturing, weak retail sales and a steep fall in job advertisements are set to weigh on the Reserve Bank of Australia's rate decision due on Tuesday. However, economists say soft data will not be enough to trigger another rate cut tomorrow. The bank is widely expected to keep its rate steady at a record low 2.75 percent.

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Activity in the U.S. manufacturing sector unexpectedly contracted in May for the first time since November of 2012, according to a report released by the Institute for Supply Management on Monday. The ISM said its purchasing managers index fell to 49.0 in May from 50.7 in April, with a reading below 50 indicating a contraction in manufacturing activity.

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With a drop in spending on public construction partly offsetting an increase in spending on private construction, the Commerce Department released a report on Monday showing a smaller than expected increase in total construction spending in the month of April.

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With a drop in spending on public construction partly offsetting an increase in spending on private construction, the Commerce Department released a report on Monday showing a smaller than expected increase in total construction spending in the month of April.

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Australia posted a seasonally adjusted current account deficit of A$8.510 billion in the first three months of 2013, the Australian Bureau of Statistics said on Tuesday - gaining 42 percent on quarter.

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Australia saw a seasonally adjusted current account deficit of A$8.510 billion in the first three months of 2013, the Australian Bureau of Statistics said on Tuesday.

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The Reserve Bank of Australia on Tuesday retained the cash rate at a record low of 2.75 percent, saying that the exchange rate remained elevated despite a sharp depreciation since the previous policy meeting. With the inflation outlook also remaining favorable, the central bank sees scope for further monetary easing.

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Retail sales in the UK increased more than expected in May as shops managed to lure consumers despite "topsy-turvy temperatures" and continued economic woes, a survey by the British Retail Consortium (BRC) and KPMG showed Tuesday. Sales value rose 1.8 percent on a like-for-like basis in May from a year earlier. This followed a 2.2 percent fall in April. On a total basis, sales were up 3.4 percent.

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While a jump in the value of imports contributed to a notably wider U.S. trade deficit in the month of April, the deficit still came in narrower than economists had expected. A report released by the Commerce Department on Tuesday showed that the trade deficit widened to $40.3 billion in April from a revised $37.1 billion in March.

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