China's economic growth likely slowed sharply in the second quarter as COVID-19 lockdowns hit factories and consumer spending, a Reuters poll showed, suggesting policymakers may have to do more to spur a faster recovery.

China's exports rose 17.9% in June from a year ago, beating analysts' expectations as the economy tries to wrestle back lost momentum from extensive COVID lockdowns and supply chain snags, while imports were up 1.0%, customs data showed on Wednesday.

European stock markets are expected to open largely unchanged Wednesday, as investors warily await the release of the latest U.S. inflation report which could guide future Federal Reserve policy.

A slump in commercial-vehicle demand led China's automobile industry association on Monday to downgrade its sales forecast, as anti-pandemic measures weighed on the economy and its car market, the world's largest.

China's banks cranked up their lending again in June, the latest illustration of a government-driven campaign to support an economy under pressure from stop-start Covid lockdowns, tension between government and the technology sector, and the implosion of a real estate bubble. 

Japan's yen-based import prices surged at a record pace in June, data showed on Tuesday, keeping wholesale inflation elevated as the currency's sharp slump continued to weigh on a fragile economic recovery by boosting commodity costs.