China's export slump is expected to have accelerated in June, as sluggish overseas economies struggling with inflation and rising interest rates buy up fewer goods from Chinese factories.

Headline and core inflation in the U.S. rose at a slower-than-expected pace in June, potentially bolstering the case for the Federal Reserve to wind down its monetary tightening cycle after a widely anticipated interest rate hike at its upcoming policy meeting.

U.S. consumer prices rose modestly in June and registered their smallest annual increase in more than two years as inflation subsided further, but probably not fast enough to dissuade the Federal Reserve from resuming raising interest rates this month.

The pace of economic growth rose "slightly" since late May and the pace of inflation continued to slow as wage increases moderate to or nearing pre-pandemic levels, according to the Federal Reserve's Beige Book released Wednesday.

U.S. economic activity increased slightly in recent weeks, with slow growth seen continuing in coming months, according to a Federal Reserve report published on Wednesday that also offered further indications of abating inflation pressures.

Oil prices rose in Asian trade on Thursday, hovering near three-month highs as softer-than-expected U.S. inflation data helped ease some anxiety over rising interest rates.