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Consumer prices in New Zealand were up 0.7 percent on year in the second quarter of 2013, Statistics New Zealand said on Tuesday.

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The Asian Development Bank, or ADB, on Tuesday lowered its growth outlook for developing Asia, citing slower growth in China and subdued demand from advanced economies. In its latest Asian Development Outlook Supplement, the ADB said it expects the region to grow 6.3 percent in 2013 and by 6.4 percent in 2014. These forecasts were lower than April's predictions.

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Policymakers at the Reserve Bank of Australia felt that there is still scope for further monetary easing, although the inflation outlook is slightly higher than initially projected due to the depreciation of the Australian dollar, the minutes of the July 2nd policy meeting of the Reserve Bank Board showed Tuesday. The central bank kept the benchmark cash rate unchanged at 2.75 percent.

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U.K. inflation hit a 14-month high on fuel and clothing costs in June, yet remained below expectations as slower growth in airfares and food prices curbed overall acceleration. Inflation rose to 2.9 percent in June, the fastest since April 2012, from 2.7 percent in May, data from the Office for National Statistics showed Tuesday. But, it stayed marginally below the expected rate of 3 percent.

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Passenger car sales in Europe continued to fall in June and hit the lowest level for the month in seventeen years as economic growth remained sluggish across the euro area, fueling unemployment and weakening households' purchasing power.

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Homebuilder confidence in the U.S. has unexpectedly improved in the month of July, according to a report released by the National Association of Home Builders on Tuesday, with the reading on homebuilder confidence reaching its highest level in well over seven years. The report showed that the NAHB/Wells Fargo Housing Market Index jumped to 57 in July from a downwardly revised 51 in June.

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Homebuilder confidence in the U.S. has unexpectedly improved in the month of July, according to a report released by the National Association of Home Builders on Tuesday, with the reading on homebuilder confidence reaching its highest level in well over seven years.

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Producer prices in South Korea were flat on month in June, the Bank of Korea said on Wednesday. That follows the 0.4 percent contraction in May.

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The Bank of Japan will on Wednesday release the minutes from its monetary policy meeting on June 10 and 11, highlighting a busy day for Asia-Pacific economic activity.

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A leading indicator of Chinese economic activity increased at a faster pace in June, suggesting that the economic conditions may not deteriorate much further into the third quarter, according to a report from the Conference Board released late Tuesday. However, the improvement in leading index can not be regarded as an indication of a possible recovery in the second half of the year.

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