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An index measuring the activity of tertiary industry in Japan was down a seasonally adjusted 0.4 percent in July, the Ministry of Economy, Trade and Industry said on Tuesday, standing at 99.9.

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Members of the Bank of Japan's monetary policy board believe that the Japanese economy is beginning to see a moderate recovery, minutes from the board's meeting on August 7 and 8 revealed on Tuesday.

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Japanese Prime Minister Shinzo Abe on Tuesday instructed his ministers to prepare an economic package to support the economy cushion the impact of planned sales tax hike.

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The string of positive economic data from China continued, suggesting that the world's second largest economy may have started to recover in the third quarter, shrugging off the recent weakness, which was largely the result of an ongoing restructuring. Data from the National Bureau of Statistics revealed Tuesday that industrial production increased 10.4 percent year-on-year in August.

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Malaysia will on Wednesday release July figures for industrial and manufacturing production, headlining a modest day for Asia-Pacific economic activity.

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Sentiment among Australian consumers climbed to its highest level in nearly three years in September, the results of a survey by Westpac and the Melbourne Institute revealed Wednesday. The survey was carried out ahead of a widely expected victory for the the Liberal-National coalition in last week's federal elections. The consumer sentiment index increased 4.7 percent to 110.6 in September.

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An index measuring the prices of domestic corporate goods was up 0.3 percent on month in August, the Bank of Japan said on Wednesday, standing at 102.5.

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The banking union is the first and the most urgent phase on the way to deepen economic and monetary integration, European Commission President Jose Manuel Barroso said Wednesday.

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Britain's unemployment rate fell to the lowest level since late 2012 and jobless claims declined more-than-expected to the smallest since February 2009, adding to signs that the recovery has started creating employment and further suggesting an early interest rate hike from the central bank. During the three months to July, the ILO unemployment rate came in at 7.7 percent.

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Wholesale inventories in the U.S. increased by less than expected in the month of July, according to a report released by the Commerce Department on Wednesday. The Commerce Department said wholesale inventories inched up by 0.1 percent in July following a 0.2 percent decrease in June. Economists had expected inventories to rise by 0.3 percent.

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