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The European Central Bank has room for further policy rate cuts and should consider offering more cheaper loans to banks to help the economy exit recession, the International Monetary Fund said in a report on Thursday. The report warned that though collective actions taken by the euro area authorities have addressed important tail risks, the recovery remained "elusive".

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Consumer sentiment in the U.S. improved to its best level in six years in the month of July, according to a report released by Thomson Reuters and the University of Michigan on Friday.The report showed that the consumer sentiment index for July was upwardly revised to 85.1 from the preliminary reading of 83.9. Economists had expected the index to be upwardly revised to 84.0.

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Ireland's central bank lowered its growth estimate for this year as the challenging external environment is set to constrain the pace of recovery for the remainder of the year.

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The average price for a house in the United Kingdom was up a seasonally adjusted 0.3 percent on month in July, property tracking website Hometrack said on Monday - slowing from 0.4 percent in June.

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Japan is on Monday scheduled to release retail sales data for June, setting the pace for a light day in Asia-Pacific economic activity.

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House price inflation in the UK eased in July as demand from first-time buyers weakened at the start of summer holidays, a survey by Hometrack revealed Monday. Average value of a house in England and Wales increased 0.3 percent month-on-month in July, slower than a 0.4 percent gain in June. London continued to drive overall house price growth with prices rising 0.7 percent.

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Retail sales in Japan were down a seasonally adjusted 0.2 percent on month in June, the Ministry of Economy, Trade and Industry said on Monday.

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Malta producer prices increased in June after declining for five straight months, data released by the National Statistics Office showed Monday.

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U.K. mortgage approvals declined in June despite measures taken by the government and central bank to ease credit conditions, data from the Bank of England showed Monday.

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Pending home sales in the U.S. saw a modest decrease in the month of June, according to a report released by the National Association of Realtors on Monday, with pending sales pulling back off their highest level in over six years. NAR said its pending home sales index edged down 0.4 percent to 110.9 in June from a downwardly revised 111.3 in May.

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