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Construction spending in the U.S. rose by slightly less than expected in the month of May, according to a report released by the Commerce Department on Monday, although spending still reached its highest level in over three years. The report said construction spending rose 0.5 percent to an annual rate of $874.9 billion in May from the revised April estimate of $870.3 billion.

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After reporting a contraction in U.S. manufacturing activity in the previous month, the Institute for Supply Management released a report on Monday showing that manufacturing activity expanded by a little more than expected in June. The ISM said its purchasing managers index climbed to 50.9 in June from 49.0 in May, with a reading above 50 indicating an increase in manufacturing activity.

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The monetary base in Japan spiked 36.0 percent on year in June, the Bank of Japan said on Tuesday, standing at 163.537 trillion yen.

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The Reserve Bank of Australia will on Tuesday conclude it monetary policy meeting and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity. The RBA is widely expected to keep rates on hold at 2.75 percent.

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The Reserve Bank of Australia opted to keep the benchmark cash rate unchanged at a record-low of 2.75 percent for a second straight month, saying that the Australian dollar may slide further overtime and this could aid rebalancing of economic growth. The decision, announced following the conclusion of a monetary policy meeting on Tuesday, was in line with expectations.

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New orders for U.S. manufactured goods rose by slightly more than expected in the month of May, according to a report released by the Commerce Department on Tuesday, with the increase largely due to a jump in orders for transportation equipment. The Commerce Department said factory orders surged up by 2.1 percent in May following an upwardly revised 1.3 percent increase in April.

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New orders for U.S. manufactured goods rose by slightly more than expected in the month of May, according to a report released by the Commerce Department on Tuesday, with the increase largely due to a jump in orders for transportation equipment.

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Australia saw a seasonally adjusted merchandise trade surplus of A$670 million in May, the Australian Bureau of Statistics said on Wednesday.

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Retail sales in Australia were up a seasonally adjusted 0.1 percent on month in May, the Australian Bureau of Statistics said on Wednesday - standing at A$21.825 billion.

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Shop price inflation in the UK declined in June at the fastest pace since February 2007 as volatile weather pushed down non-food costs, the British Retail Consortium (BRC) said in a report on Wednesday. The BRC-Nielsen shop price index declined 0.2 percent year-on-year in June, the biggest fall since February 2007. This followed 0.1 percent drop in May. Prices fell for a second consecutive month.

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