Major stock markets around the world moved modestly higher on Monday as investors waited for the next U.S. inflation release, a report that could shape expectations for interest rates in the months ahead. Trading was cautious, with market participants staying alert to signs that inflation may remain sticky.

The subdued tone reflected broader uncertainty ahead of several central bank meetings, where policymakers are expected to weigh growth risks against persistent price pressures. Even with gains in early trade, investors appeared reluctant to make large bets before getting more clarity on the outlook for monetary policy.

Bond yields and currency moves also remained in focus as traders assessed whether upcoming data could reinforce the case for keeping rates elevated for longer. For now, the rally in equities was measured rather than broad-based, suggesting that confidence remains limited until the next round of economic numbers is released.

Analysts say the coming inflation reading could help set the tone for global markets, especially if it shifts expectations for how aggressively central banks will act. Until then, investors are likely to remain selective, with attention fixed on data that could confirm or challenge the recent optimism in risk assets.