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After reporting the smallest U.S. trade deficit in over three years in the previous month, the Commerce Department released a report on Wednesday showing that the trade deficit widened in July. The report said the trade deficit widened to $39.1 billion in July compared to a revised $34.5 billion deficit in June.

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South Korea's gross domestic product added a seasonally adjusted 1.1 percent in the second quarter of 2013 compared to the previous three months, the Bank of Korea said in Thursday's revised reading.

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South Korea's gross domestic product added a seasonally adjusted 1.1 percent in the second quarter of 2013 compared to the previous three months, the Bank of Korea said in Thursday's revised reading.

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The Bank of Japan decided to keep its monetary easing program unchanged after a two-day meeting of its Policy Board on Thursday. At the same time, the central bank upwardly revised its assessment of the economy, saying that the economy is recovering. The Board, led by Governor Haruhiko Kuroda, voted to keep the target of the monetary base expansion at an annual pace of JPY60-70 trillion.

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Australia posted a seasonally adjusted merchandise trade deficit of A$765 million in July, the Australian Bureau of Statistics said on Thursday - down 169 percent on month.

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After reporting three consecutive monthly increases, the Commerce Department released a report on Thursday showing a drop in new orders for U.S. manufactured goods in the month of July.

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With activity in the U.S. service sector unexpectedly expanding at a faster rate in August, the Institute for Supply Management released a report on Thursday showing that its index of activity in the sector reached a record high.

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European Central Bank President Mario Draghi indicated on Thursday that the bank can reduce rates further if needed and it stands ready to act when necessary given the rising money market rates.

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After reporting three consecutive monthly increases, the Commerce Department released a report on Thursday showing a drop in new orders for U.S. manufactured goods in the month of July. The Commerce Department said factory orders fell by 2.4 percent in July following a revised 1.6 percent increase in June.

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Malaysia is on Friday scheduled to release July figures for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity.

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