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The service sector in China saw subdued business activity in June, reflecting weak inflow of new orders, two separate surveys revealed on Wednesday. The purchasing managers' index for China's non-manufacturing sector fell to 53.9 in June from 54.3 in May, the results of a survey conducted jointly by the China Federation of Logistics and Purchasing and the National Bureau of Statistics showed.

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Economic activity in the U.S. service sector continued to expand in the month of June, according to a report released by the Institute for Supply Management on Wednesday, although the pace of growth unexpectedly slowed compared to the previous month.

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With exports falling and imports rising, the Commerce Department released a report on Wednesday showing that the U.S. trade deficit widened by much more than anticipated in the month of May. The report said the trade deficit widened to $45.0 billion in May from a revised $40.1 billion in April. Economists had expected the deficit to widen to $40.8 billion.

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Economic activity in the U.S. service sector continued to expand in the month of June, according to a report released by the Institute for Supply Management on Wednesday, although the pace of growth unexpectedly slowed compared to the previous month. The ISM said its non-manufacturing index dropped to 52.2 in June from 53.7 in May, with a reading above 50 indicating growth in the service sector.

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Malaysia will on Thursday release trade data for May, highlighting a light day for Asia-Pacific economic activity.

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Bank of England's New Governor Mark Carney is unlikely to initiate any immediate policy change at his first monetary policy committee meeting that started Wednesday. Expectations are high on his arrival, with markets keenly waiting for better communication and interest rate guidance.

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European Central Bank President Mario Draghi said on Thursday that euro area interest rates are likely to remain low for an 'extended period' of time, a statement that was construed as a forward guidance about the policy path to markets that were rattled by the Portugal political crisis and the U.S. Federal Reserve's tapering announcement.

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The Bank of England said on Thursday that it has brought forward the rate-setting session for September so that Governor Mark Carney can attend the G20 Summit.

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The International Monetary Fund has warned that possible policy slippages, including at the European level, may pose downside risk to Italy's economic outlook and could undermine market confidence in the sovereign. Any backtracking on the policy could also intensify funding pressures on the banks and tighten credit, the Washington-based lender said in a regular review report on Thursday.

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German factory orders declined unexpectedly in May, largely due to subdued demand from the euro area, mirroring fragility in the nascent recovery in the largest Eurozone economy. The decline in turn potentially damped hopes of a recovery seen at the end of this year in the 17-nation bloc. Factory orders slipped 1.3 percent from a month ago, when it declined by a revised 2.2 percent.

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