China's manufacturing activity expanded in June for the first time this year as the effects of Beijing's mini-stimulus on the world's second-largest economy gradually kick in, HSBC said Monday.

The bank said in a statement that its preliminary purchasing managers index (PMI), which tracks activity in China's factories and workshops, came in at 50.8 this month, the highest since November's identical figure.

Eurozone business activity slipped for the second month running in June, suggesting a modest recovery could be stalling, a closely watched survey showed on Monday.

Markit Economics said its Eurozone Composite Purchasing Managers Index (PMI) for June, a leading indicator of overall economic activity, slipped to 52.8 points from 53.5 in May, coming in at the to the weakest level since December. 

Reforms proposed to lift global growth in line with a target set by the world's biggest economies earlier this year are so far falling short, Australian Treasurer Joe Hockey said Monday.

In February, the G20 economies vowed to boost global growth by more than U.S.$2 trillion over five years, shifting their focus away from austerity as a fragile recovery takes hold. 

Oil prices edged higher in Asia Monday on continued violence in Iraq, but gains were capped as the risk premium associated with the crisis in the key crude producer is already factored in, analysts said. 

U.S. benchmark West Texas Intermediate was up 39 cents to $107.22, while Brent crude gained 39 cents to $115.20 in afternoon trade. 

Turkey said Saturday it will provide fuel to Iraq's Kurdistan region to make up for a shortage caused by a militant offensive that has shut down the country's biggest oil refinery.

Militants led by the Islamic State of Iraq and the Levant (ISIL) have seized a vast swathe of territory in northern Iraq since overrunning the city of Mosul on June 10.

Several thousand protesters took to the streets of Lisbon on Saturday in the latest demonstration against the austerity policies of Portugal's center-right government.

"Change the policies" and "Out with the government" chanted members of the country's largest union, the CGTP, which had gathered thousands for a protest in the northwestern port of Porto a week earlier.

Oil prices diverged Friday, with the U.S. WTI contract hitting a nine-month high on concerns about spreading sectarian conflict in Iraq that could cause disruptions in crude supplies.

Canada's jobs minister unveiled stricter rules for hiring temporary foreign workers Friday after allegations of widespread abuses by employers, such as sidelining Canadians for jobs.

The changes are meant to ensure the foreign worker program is used as intended "as a last and limited resort to fill acute labor shortages on a temporary basis when qualified Canadians are not available," Employment Minister Jason Kenney said in a statement.

U.S. President Barack Obama said Friday he hopes to have an agreement on framing a vast pan-Pacific trading block by the time he makes his next visit to Asia in November.

The Trans-Pacific Partnership (TPP) would encompass 40 percent of the global economy and include 12 nations. Talks on setting up the pact have been delayed by intricate market access negotiations between Japan and the United States.

Russia will contest U.S. sanctions over the crisis in Ukraine at the World Trade Organization, Prime Minister Dmitry Medvedev said Friday.

"The United States has introduced sanctions against Russia which will have negative consequences for external trade. We have decided to challenge them at the WTO," Medvedev said in televised comments.