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Australia's merchandise trade surplus came in at a seasonally adjusted A$28 million in April, the Australian Bureau of Statistics said on Thursday.

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Policymakers of the Bank of England are likely to sit tight on quantitative easing even if the outgoing Governor Mervyn King insists on additional stimulus to help the economic recovery gain traction. At the final meeting of King as governor of BoE, a majority of policymakers will possibly cite positive economic development since the last meeting as a reason to adopt a "wait and see" stance.

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The International Monetary Fund on Wednesday confessed that there had been "notable failures" in dealing with Greece's first bailout program, which was launched in May 2010. The Washington-based lender said in a report that it was too optimistic in its economic assumptions and felt that the debt restructuring should have been attempted at the onset of the crisis.

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European Central Bank President Mario Draghi said on Thursday that the 17-nation economy is set to see gradual recovery later this year as there are already some signs of improvement. Speaking at the post-decision press conference in Frankfurt, Draghi said, "Euro area economic activity should stabilize and recover in the course of the year, albeit at a subdued pace."

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First-time claims for U.S. unemployment benefits saw a modest decrease in the week ended June 1st, according to a report released by the Labor Department on Thursday, with claims coming roughly in line with economist estimates. The report said initial jobless claims dropped to 346,000, a decrease of 11,000 from the previous week's revised figure of 357,000.

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South Korea's gross domestic product climbed a seasonally adjusted 0.8 percent in the first quarter of 2013 compared to the previous three months, the Bank of Korea said in Friday's revised reading - the fastest rate of gain in two years.

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South Korea's gross domestic product expanded a seasonally adjusted 0.8 percent in the first quarter of 2013 compared to the previous three months, the Bank of Korea said in Friday's revised reading.

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German exports growth quickened unexpectedly in April, in a sign that the economy is likely to sustain its growth momentum in the second quarter, withstanding recession in the wider euro area, official figures showed Friday. Nonetheless, the Bundesbank today lowered Germany's growth outlook for this year and the next, saying continued "structural problems" in Eurozone is impeding growth.

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Employment in the U.S. increased by a little more than economists had anticipated in the month of May, according to a report released by the Labor Department on Friday. The report said non-farm payroll employment rose by 175,000 jobs in May following a downwardly revised increase of 149,000 jobs in April.

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Employment in the U.S. increased by a little more than economists had anticipated in the month of May, according to a report released by the Labor Department on Friday.

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