Chinese consumer price index inflation grew less than expected in May as consumption remained largely languid in the face of an uncertain economic recovery.

U.S. small-business confidence and hiring plans increased in May to their highest levels of the year, but the looming U.S. presidential election also drove uncertainty to nearly a four-year high, a survey showed.

The World Bank on Tuesday said the U.S. economy's stronger-than-expected performance has prompted it to lift its 2024 global growth outlook slightly but warned that overall output would remain well below pre-pandemic levels through 2026.

Asian shares were subdued on Wednesday after data showed China's consumer prices still remained soft, while the dollar held firm ahead of a key U.S. inflation report and Federal Reserve policy decision that would set the near-term course for interest rates.

The dollar steadied on Wednesday after hitting a four-week high against peer currencies overnight as market players awaited key U.S. inflation data and the Federal Reserve's updated interest rate projections due later in the day.