Germany's Gfk consumer climate index is expected to show a ninth straight month of improvement, rising to minus 23.0 in July from minus 24.2 in June. It follows Monday's release that showed the Ifo business climate index fell 3.0 points to 88.5 in June from a downwardly revised 91.5 in May, the second decline since last October and the lowest reading since November.

The US goods deficit (Census basis) is expected to narrow by $4.6 billion to $92.5 billion in May after widening by a very steep $14.5 billion in April to $97.1 billion.

Wholesale inventories are expected to be unchanged in the advance report for May that would follow a 0.1 percent draw in April.

Federal Reserve Chairman Jerome Powell will participate in a panel discussion entitled"Policy panel" at the European Central Bank (ECB) Forum on Central Banking 2023, Sintra, Portugal at 9:30 a.m. EDT (1330 GMT).

Japanese retail sales are expected post their 15th straight year-over-year increase in May, up 5.4 percent after a 5.1 percent rise in April, amid a pickup in department store and new vehicle sales and due to higher prices for food and beverages, mitigating the impact of falling fuel costs and sluggish appliances sales. On the month, sales are seen rising 0.9 percent after a 1.1 percent drop.

In Australia, retail sales, which were unchanged and weaker than expected in April, are expected to edge only 0.1 percent higher on the month in May.

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