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China's service sector grew at a faster pace in March led by robust new order inflows, results of two separate surveys showed Wednesday. Along with further pick up in manufacturing, this demonstrates a moderate recovery of the economy after continued slowdown during most of 2012. The business activity index, a gauge of the country's non-manufacturing sector performance, rose to 55.6 in March.

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While activity in the U.S. service sector grew for the 39th consecutive month in March, a report released by the Institute for Supply Management on Wednesday showed that the pace of growth unexpectedly slowed compared to the previous month. The ISM said its non-manufacturing index dipped to 54.4 in March from 56.0 in February, although a reading above 50 indicates continued growth.

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While activity in the U.S. service sector grew for the 39th consecutive month in March, a report released by the Institute for Supply Management on Wednesday showed that the pace of growth unexpectedly slowed compared to the previous month.

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Private sector employment in the U.S. rose by much less than expected in the month of March, according to a report released by payroll processor Automatic Data Processing, Inc. (ADP) on Wednesday, with the data raising concerns about Friday's jobs report from the Labor Department. ADP said private sector employment increased by 158,000 jobs in March.

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The slowdown in India's economic growth is only "temporary", Prime Minister Manmohan Singh said in New Delhi on Wednesday.

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Private sector employment in the U.S. rose by much less than expected in the month of March, according to a report released by payroll processor Automatic Data Processing, Inc. (ADP) on Wednesday, with the data raising concerns about Friday's jobs report from the Labor Department.

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Inflation in the euro area weakened for the third consecutive month in March, but by less than expected by economists, as a marked deceleration in energy prices more than offset faster growth in service costs.

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The Bank of England is unlikely to restart its unconventional measures on Thursday as the assessment of policymakers will be weighed down by concerns about inflation despite persisting risks of a triple-dip recession. At the regular two-day meeting, the nine-member committee is expected to hold the interest rate at 0.50 percent and the central bank's quantitative easing unchanged.

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The International Monetary Fund will contribute EUR 1 billion to the Cyprus bailout, which is aimed at stabilizing the country's bloated banking sector and restoring public finances, IMF Managing Director Christine Lagarde said in a statement on Wednesday. The loan amount which is part of the EUR 10 billion rescue offered by the troika will be paid over a three-year period.

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Retail sales in February climbed a seasonally adjusted1.3 percent on month in February, the Australian Bureau of Statistics said on Thursday, standing at A$21.949 billion.

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