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Activity in the U.S. service sector expanded at a slower than expected pace in the month of April, according to a report released by the Institute for Supply Management on Friday. The ISM said its non-manufacturing index fell to 53.1 in April from 54.4 in March, although a reading above 50 indicates continued growth in the service sector. Economists had expected the index to edge down to 54.0.

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Indonesia logged the weakest growth since the third quarter of 2010 as household spending that is one of the biggest contributor to the economic output, slowed in the first quarter, dragging both imports and investment. Southeast Asia's largest economy grew 6.02 percent on a yearly basis in the first quarter, data published by Statistics Indonesia revealed Monday.

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Chinese service sector growth eased to its weakest in almost two years in April amid weaker new order flow and a decline in employment level, a survey by Markit Economics and HSBC revealed Monday. The business activity index for the service sector fell to 51.1 in April from 54.3 in March. The reading represented the weakest expansion since August 2011.

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Eurozone's retail sales declined further in March as domestic demand continued to be dragged by the ongoing economic crisis and the austerity policies pursued by many member-countries, raising concerns that the currency bloc would remain in recession in the first half.

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Italy's statistical office lowered its economic outlook for 2013 citing reduction in domestic demand.

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Factory orders from Germany and industrial production from France are due on Tuesday, headlining a light day for the European economic news.

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Philippine annual inflation slowed more than expected in April due to slower increments in all the commodity groups except in the education index, data showed Tuesday.

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The Reserve Bank of Australia unexpectedly cut its benchmark cash rate to a record low on Tuesday to underpin economic growth, toeing in line with its counterpart in Europe, which lowered its key interest rate by a quarter point last week. The central bank of Australia lowered the official cash rate by 25 basis points to 2.75 percent, effective May 8.

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Germany's manufacturing orders unexpectedly increased in March, supported by strong demand from the euro area, raising renewed hopes that the domestic economy is slowly emerging from the ongoing slump and revived the recovery prospects for the currency bloc.

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Reserve Bank of New Zealand Governor Graeme Wheeler said Wednesday that the central bank has intervened in the forex market to weaken the "overvalued" currency. Kiwi made a large downside move upon the governor's remarks before Parliament's select committee.

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