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U.K. House prices increased at the fastest pace in nearly three years in June, as measures initiated by the central bank provided easy access to low cost credit, a monthly report released by the Nationwide Building Society showed Friday. House prices were 1.9 percent higher than in the same period of last year, the biggest growth since September 2010.

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Retail sales in Germany recorded a surprise improvement in May, cementing expectations that private consumption will continue to remain one of the largest contributors to economic growth backed by solid labor market conditions and income expectations. On a seasonally and calendar adjusted basis, retail sales grew 0.8 percent month-over-month, faster than the 0.4 percent growth expected.

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Consumer sentiment in the U.S. deteriorated by much less than previously estimated in the month of June, according to a report released by Thomson Reuters and the University of Michigan on Friday. The report showed that the consumer index for June was upwardly revised to 84.1 from the preliminary reading of 82.7. Economists had been expecting the index to be upwardly revised to 83.0.

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Chicago-area business activity saw continued growth in the month of June, according to a report released by the Institute for Supply Management - Chicago on Friday, although the pace of growth slowed by much more than economists had anticipated. The ISM Chicago said its Chicago business barometer tumbled to 51.6 in June from 58.7 in May.

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An index measuring business sentiment in Japan surged in the second quarter of 2012, the Bank of Japan revealed on Monday in its quarterly Tankan business survey.

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Consumer prices in South Korea were up 1.0 percent on year in June, Statistics Korea said on Monday - slightly below forecasts for 1.1 percent but unchanged from the May reading.

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Chinese manufacturing activity slowed in June, a survey by the China Federation of Logistics and Purchasing, or CFLP, and the National Bureau of Statistics revealed Monday, adding to concerns that the economy may continue to lose momentum in the second quarter. The headline purchasing managers' index fell to 50.1 in June from 50.8 in May. Readings above 50 indicate expansion of the sector.

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An index measuring business sentiment in Japan surged in the second quarter of 2012, the Bank of Japan revealed on Monday in its quarterly Tankan business survey - as a weaker yen boosted expectations of an economic recovery.

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Unemployment in the euro area increased further in May and reached a new record high, signaling that the ongoing downturn in business activity continues to weigh on the labor market despite signs of improvement in the general economy.

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U.K. witnessed a bigger-than-expected increase in home loans during May, data released by the Bank of England revealed on Monday.

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