The ratings agency said surprisingly strong data in the first half of the year prompted it to raise 2017 growth forecasts for China to 6.8 percent from 6.6 percent, for South Korea to 2.8 percent from 2.5 percent, and for Japan to 1.5 percent from 1.1 percent.
Inflation in the 19 countries sharing the euro slipped to 1.4 percent, its lowest level since December, from 1.9 percent year-on-year in April, statistics agency Eurostat said on Wednesday.
The European Central Bank expects euro zone banks with high levels of unpaid loans to submit "ambitious and realistic" plans to bring them down, it said on Monday, as it published guidelines on non-performing loans (NPL).
Inflation in the 19 countries sharing the euro accelerated to 2.0 percent year-on-year in February, Eurostat estimated, up from 1.8 percent in January, meeting the European Central Bank's medium-term target of below, but close to 2 percent.
IHS Markit's final manufacturing Purchasing Managers' Index for the euro zone rose to 55.4 in February, the highest since April 2011, from January's 55.2. It was revised down slightly from a flash estimate of 55.5 but remained far above the 50 mark denoting growth in activity.
The market on Tuesday closed higher. The Nifty ended above 8900 for the first time since September 2016, while the midcap index closed at a record closing high. Markets in US and Europe also closed at record highs, which could see some impact on the Street here.
Inflation in the euro zone rose to within a whisker of the ECB's target in January, data showed this week, but the bank is pushing back calls from Germany to begin winding down its policy of aggressive bond-buying and below-zero interest rates.
There are risks ahead - some economic, some political - but for now the 19 member states of the euro zone are doing better than many expected.
Corporate lending grew by 2.3 percent in December after a revised 2.1 percent increase one month earlier, the data showed.
The ECB had said it would extend its generous bond-buying program at its December meeting albeit at a reduced pace of purchases. The central bank explained the new pace of asset purchases would be scaled back from 80 billion euros ($85.3 billion) a month to 60 billion euros from April onward.
Federal Reserve officials said on Thursday that fiscal and tax plans sketched out by the incoming Trump administration could trade a short-term economic boost for inflation and debt problems they might have to counteract.
Industries across the euro zone cranked up output in November and Germany ended the year with its strongest growth in five year, data showed on Thursday, pointing to an economic spurt that may be arriving earlier than some ECB policymakers expect.
Economic sentiment in the euro zone surged to a post-crisis record in December and German industrial orders pointed to a busy final quarter for factories in Europe's powerhouse with the government expecting the upswing to carry into 2017.
IHS Markit's final 2016 manufacturing Purchasing Managers' Index for the euro zone registered 54.9 in December, in line with an earlier flash estimate and its highest since April 2011.
The euro zone's top 5 percent of households owned 37.8 percent of net wealth in 2014, up from 37.2 percent in 2010 while the bottom 5 percent owned only debt, the ECB said, based on a survey of 84,000 households.
The European Central Bank will not ask euro zone countries to beef up measures to curb asset bubbles, it said on Thursday, even as it warned about rising property prices and household debt in some countries.
Euro zone finance ministers would not set a target for fiscal stimulus for the single currency area next year, the chief of the Eurogroup said on Monday, rejecting an earlier proposal by the EU Commission meant to boost growth.
The regular gathering of the 19 ministers of the currency bloc will be held in the immediate aftermath of Italy's constitutional referendum, with a defeat of Italian Prime Minister Matteo Renzi potentially putting the euro under new pressure and reigniting the smouldering euro zone crisis, further complicating the Greek talks.
"The euro area economy continues to expand at a moderate but steady pace, despite the adverse effects of global economic and political uncertainty," Draghi told an EU Parliament committee.
Speaking publicly and behind the scenes, ECB officials emphasise any U.S. shift towards protectionism under Trump could hurt the already fragile euro zone economy and pave the way for an even stronger backlash against globalisation and the euro project.
The pair's differing views reveals the rift over the main topic of debate on the ECB Governing Council as it prepares to decide next month on whether to extend the bank's 1.74 trillion euro asset-buying scheme.
Euro zone economic growth was unchanged in the third quarter from the second as expected and inflation picked up in October due to a smaller decline in energy prices, preliminary data showed on Monday.
An initial estimate by IHS-Markit for its euro zone purchasing managers' index rose to 53.7 from 52.6 in September, representing the highest monthly increase since 2016 began. The index measures both the services sector and manufacturing.
"Last week we took profits on our Emerging Markets 'overweight', as it became a consensus long, the US dollar is moving higher, the Fed is coming up and Chinese property tightening is restarting," JP Morgan Cazenove equity strategist Mislav Matejka said in a note.
The European Central Bank (ECB), for example, back in September 2014 was projecting headline inflation of 1.4 percent for the euro zone in 2016. Since then, that figure has come down to 0.2 percent last month. But the downward trend, which observers have become accustomed to, seems to be about to change.