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The People's Bank of China on Sunday said it will fine-tune its policies as needed, suggesting slightly easier monetary conditions ahead as an acute cash crunch exacerbated challenges faced by an already slowing economy. The bank will continue to implement prudent monetary policy, the central bank said in a statement after a quarterly meeting of the Monetary Policy Committee.

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Mirroring a moderate recovery, German business morale strengthened for the second straight month on improving optimism about future activity, survey results from the Munich-based Ifo Institute showed Monday. The business sentiment index, based on response from 7,000 participants, improved slightly, as expected, to 105.9 in June from 105.7 in May.

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An index measuring corporate service prices was up 0.3 percent on year in May, the Bank of Japan said on Tuesday, standing at 96.3.

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Consumer confidence in the U.S. has unexpectedly seen a substantial improvement in the month of June, according to a report release by the Conference Board on Tuesday, with the group's consumer confidence index jumping to a five-year high. The Conference Board said its consumer confidence index surged up to 81.4 in June from a downwardly revised 74.3 in May.

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In another sign of the ongoing recovery by the U.S. housing market, the Commerce Department released a report on Tuesday showing that new home sales rose by more than expected in the month of May. The report said new home sales climbed 2.1 percent to a seasonally adjusted annual rate of 476,000 in May from the revised April rate of 466,000.

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Singapore will on Wednesday release May figures for industrial production, highlighting a light day for Asia-Pacific economic activity.

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Consumer confidence from Germany and financial stability report from the Bank of England are due on Wednesday. Elsewhere, U.K. Chancellor is set to outline the Spending Review.

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In a major shock to economists, the Commerce Department released a report on Wednesday showing a substantial downward revision to the pace of U.S. economic growth in the first quarter of 2013.

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The European Central Bank Chief Mario Draghi said that it has done as much as it can to support the euro area economy, and now governments should do their part to strengthen the region. "The ECB has done as much as it can to stabilize markets and support the economy," President Draghi told the French parliament on Wednesday.

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In a major shock to economists, the Commerce Department released a report on Wednesday showing a substantial downward revision to the pace of U.S. economic growth in the first quarter of 2013. The Commerce Department said its final reading on first quarter gross domestic product showed 1.8 percent growth, well below the previous estimate of a 2.4 percent increase.

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