Global equities moved higher in early trading on Friday as investors looked ahead to next week’s U.S. inflation report, a release that could shape expectations for interest rates in the months ahead. The gains were modest, but they reflected a cautious appetite for risk after recent swings across bond and equity markets.

A pullback in U.S. Treasury yields helped support sentiment, easing some of the pressure that higher borrowing costs have placed on stocks. Traders appeared to be positioning carefully rather than making bold bets, with many markets waiting for clearer signals on whether inflation is cooling enough to keep policy easing in view.

The tone across markets remained measured. Investors have been balancing hopes for slower price growth against uncertainty over how long central banks will keep rates elevated. That caution kept the day’s advances limited, even as major indices in Asia and Europe traded slightly firmer.

With the inflation reading due next week, market participants are likely to stay focused on bond moves, rate expectations, and any signs that consumer prices are still sticky. For now, the modest rise in global shares suggests investors are willing to lean into risk — but only carefully.