Following its latest consultation on the U.S. economy, the International Monetary Fund has suggested the Federal Reserve should delay raising interest rates until the first half of next year. The IMF's call for delaying the first rate hike came as the lender lowered its forecast for U.S. economic growth.

Global food commodity prices dropped to their lowest levels in nearly six years, driven by a significant fall in cereal prices in the backdrop of a positive harvest outlook for the year, the Food and Agriculture Organization said Thursday.

Reflecting a much bigger than previously estimated drop in output, the Labor Department released a report on Thursday showing that U.S. labor productivity fell by even more than expected in the first quarter of 2015.

First-time claims for U.S. unemployment benefits saw a modest decrease in the week ended May 30th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims edged down to 276,000, a decrease of 8,000 from the previous week's revised level of 284,000.

Reflecting a much bigger than previously estimated drop in output, the Labor Department released a report on Thursday showing that U.S. labor productivity fell by even more than expected in the first quarter of 2015.

First-time claims for U.S. unemployment benefits saw a modest decrease in the week ended May 30th, according to a report released by the Labor Department on Thursday.

The Bank of England left its record low key interest rate and the size of the quantitative easing unchanged, amid mixed signals about the economic momentum. The Monetary Policy Committee, led by Governor Mark Carney, decided to retain the key bank rate at 0.50 percent and the size of asset purchases at GBP 375 billion at the end of the two-day rate setting meeting on Thursday.

Australia's booming property market could be at risk of a 'sharp correction' and the country was warned to keep its monetary policy firepower 'in reserve' amid uncertainties on the economic outlook, the Organization of Economic Co-operation and Development (OECD) said in a report Wednesday.

Labour costs in Romania decreased in the three-month period to March, figures from the National Statistics Institute showed Thursday.

Despite an intensification of activity this week, Greece and its creditors failed to reach an agreement after crucial talks in Brussels late Wednesday, though both Athens and the European Union claimed to have made progress towards a solution and apparently hope to wrap up the deal by the middle of the month.

Romania's retail sales increased at the fastest annual rate in ten months in April, helped by higher growth from automotive fuel and non-food products, figures from the National Institute of Statistics showed Wednesday.

Cyprus' consumer prices continued to decline in May, but at a slightly slower pace than in the prior month, figures from the Statistical Service showed Thursday.

Greece's unemployment rate held steady in March, defying economists' expectations for an ease, figures from the Hellenic Statistical Authority showed Thursday.

The Bank of France sees strong economic growth this year as it gain strength from a favorable international environment and the weaker euro.

German construction sector activity slowed in May, reaching the lowest in four month as civil engineering activity declined, survey data from Markit Economics showed Thursday.

The Netherlands's EU measure of inflation increased for the first time in six months in May, figures from the Central Bureau of Statistics showed Thursday.

U.K. house prices dropped for the first time in three months in May, data from Lloyds Banking Group's Halifax division showed Thursday.

Finland's economy contracted for the third consecutive quarter in the three months ended March, in line with flash estimate, latest figures from Statistics Finland showed Thursday.

New registrations of passenger cars in Finland decreased for the second consecutive month in May, data released by Statistics Finland showed Thursday.

French unemployment rate decreased unexpectedly in the first quarter, though slightly, data from the statistical office Insee showed Thursday.

Capital Economics expects New Zealand to cut the key rate in July or September, with the odds of rate ending the year at 3 percent increasing. The firm believes that the Reserve Bank of New Zealand will use the monetary policy meeting scheduled for June 11 to prepare the ground for rate cut, although it did not preclude the possibility of a 25 basis point cut to 3.25 percent at the meeting.

Ireland's service sector expanded at the fastest pace in three months in May, driven by greater levels of new business on improving economic conditions, survey figures from Markit Economics showed Thursday.

Interest rate decision from the Bank of England is due on Thursday, headlining a light day for the European economic news.

Brazil's central bank lifted its key interest rate by 50 basis point on Wednesday despite seeing signs of recession in the economy.

Economic growth in the emerging markets weakened in May, reaching the lowest reading since May 2014, as both services and manufacturing sectors contributed to the overall slowdown, survey data published by Markit Economics and HSBC Bank revealed Thursday.

Australia posted a merchandise trade deficit of A$3.888 billion in April, the Australian Bureau of Statistics said on Thursday - or down 216 percent from the previous month.

Australia had a merchandise trade deficit of A$3.888 billion in April, the Australian Bureau of Statistics said on Thursday.

The total value of retail sales in Australia was flat on a seasonally adjusted monthly basis in April, the Australian Bureau of Statistics said on Thursday - coming in at A$24.097 billion.

South Korea's gross domestic product gained 2.5 percent on year in the first quarter of 2015, the Bank of Korea said in Thursday's preliminary reading.

The total value of building activity in New Zealand advanced a seasonally adjusted 1.0 percent on quarter in the first quarter of 2015, Statistics New Zealand said on Thursday.