China's economy likely grew 7.3% in the second quarter from a year earlier due to a low base, but momentum is rapidly faltering, a Reuters poll showed, raising expectations Beijing will have to roll out more stimulus measures soon.

China's economy is slowing due to weaker private investment, slowing exports and reduced domestic demand after a strong performance in the first quarter as the economy reopened from COVID-19 lockdowns, the International Monetary Fund said on Thursday.

Growth in U.S. producer prices eased by more than expected in June in the latest sign of fading inflationary pressures in the world's largest economy, bolstering the case for the Federal Reserve to step back from its aggressive policy tightening campaign after an expected interest rate hike later this month.

The International Monetary Fund said on Thursday that first quarter global growth slightly outpaced projections in its April forecasts, but data since then has shown a mixed picture, with "pockets of resilience" alongside signs of slowing momentum.

For the Fed and the U.S. economy, the hard bit starts now.

 Asian stocks rose on Friday, on course for their best week this year, as a cooling in U.S. inflation stoked speculation that the Federal Reserve could pause rate hikes after this month.