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Activity in the U.S. manufacturing sector expanded at the slowest rate of the year in April, according to a report released by the Institute for Supply Management on Wednesday. The ISM said its purchasing managers index fell to 50.7 in April from 51.3 in March, although a reading above 50 still indicates growth in the manufacturing sector.

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India's manufacturing sector expanded at the slowest pace in seventeen months in April on the back of a deceleration in domestic orders and power outages, a survey by Markit Economics showed Thursday. The seasonally adjusted HSBC Purchasing Managers' Index for the manufacturing sector dropped to 51 in April from 52 in March, hitting the lowest level since November 2011.

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The U.K. government should increase their borrowing to finance infrastructure projects as a way to kick start economic recovery, the leading think tank National Institute for Economic and Social Research said Thursday.

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European Central Bank President Mario Draghi on Thursday did not rule out further easing in euro area interest rates in future after the bank cut the main refinancing rate to a record low in the backdrop of increasing weakness in the economy. He also hinted at the prospect of negative deposit rates. Earlier, the bank reduced the refinancing rate by 25 basis points to a record low 0.50 percent.

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While the Labor Department released a report on Thursday showing that U.S. labor productivity rebounded in the first quarter of 2013 after falling in the fourth quarter of 2012, the pace of growth fell short of economist estimates. The report said labor productivity increased by 0.7 percent in the first quarter following a revised 1.7 percent decrease in the fourth quarter.

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Growth in China's non-manufacturing industry moderated in April, adding to evidence that recovery of the world's second largest economy is losing momentum. The headline purchasing managers' index, a gauge of the country's non-manufacturing performance, fell to 54.5 in April from 55.6 in March, the China Federation of Logistics and Purchasing and the National Bureau of Statistics said.

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Final demand producer prices in Australia added 0.3 percent in the first quarter of 2013 compared to the previous three months, the Australian Bureau of Statistics said on Friday - following the 0.2 percent increase in the fourth quarter of 2012.

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The British service sector expanded at the fastest pace in eight months in April on strong growth in new order wins, adding to hopes that the modest growth seen in the first quarter would be sustained and recovery will pick up momentum in the coming months.

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The European Commission on Friday lowered the economic outlook for euro area for this year as well as the next, saying that the recovery of economic activity is expected to be too slow to reduce joblessness. In its latest Spring 2013 Forecast, the commission said that the euro area economy will contract 0.4 percent in 2013, steeper than a 0.3 percent shrinkage predicted in February.

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With orders for durable goods showing a substantial pullback, the Commerce Department released a report on Friday showing that new orders for manufactured goods fell by more than expected in the month of March. The report showed that orders for manufactured goods tumbled by 4.0 percent in March following a downwardly revised 1.9 percent increase in February.

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