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The total value of retail sales in Australia added a seasonally adjusted 0.4 percent in August compared to the previous month, the Australian Bureau of Statistics said on Tuesday, standing at A$21.923 billion.

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Japan's Prime Minister Shinzo Abe said Tuesday that he will hike the sales tax as planned from April next year to reduce the country's huge debt load. The government is also set to announce a stimulus package to cushion the potential negative impact that the tax hike could have on the nascent recovery of the economy. The government will increase the consumption tax to 8 percent from April 2014.

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Activity in the U.S. manufacturing sector expanded for the fourth consecutive month in September, according to a report released by the Institute for Supply Management on Tuesday, with the index of activity in the sector showing an unexpected increase.

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Activity in the U.S. manufacturing sector expanded for the fourth consecutive month in September, according to a report released by the Institute for Supply Management on Tuesday, with the index of activity in the sector showing an unexpected increase.

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Australia will on Wednesday release August figures for imports, exports and trade balance, highlighting a modest day for Asia-Pacific economic activity.

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The Asian Development Bank, or ADB, on Wednesday slashed its economic growth forecasts for developing Asia, citing more moderate economic activity in China and India as well as widespread concerns that possible tapering of US stimulus program could impact growth in the region. ADB revised down its 2013 GDP growth forecast for the region to 6 percent from 6.6 percent seen in April.

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Australia posted a seasonally adjusted merchandise trade deficit of A$815 million in August, the Australian Bureau of Statistics said on Wednesday - marking a 41 percent gain from the previous month.

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The Asian Development Bank, or ADB, on Wednesday slashed its economic growth forecasts for developing Asia, citing more moderate economic activity in China and India as well as widespread concerns that possible tapering of US stimulus program could impact growth in the region. ADB revised down its 2013 GDP growth forecast for the region to 6 percent from 6.6 percent seen in April.

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European Central Bank President Mario Draghi said on Wednesday that the bank is prepared to use every available instrument to prevent market interest rates from rising to unsustainable levels that could hamper the economic recovery.

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In a report that may take on increased importance due to the likely delay of the government report, payroll processor ADP released a report on Wednesday showing that private sector employment in the U.S. increased by somewhat less than expected in the month of September.

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