Global markets were uneven on Friday as investors stayed cautious ahead of next week’s U.S. inflation report, a release that could influence expectations for Federal Reserve policy in the months ahead. The wait-and-see mood kept trading range-bound across major regions, with few traders willing to make large bets before the data arrives.

European equities opened without a clear direction, reflecting the broader uncertainty in global markets. Some sectors found support, while others slipped as investors reassessed the odds of rate cuts and the pace of any future easing by the U.S. central bank.

The inflation reading is expected to be closely watched because it could either reinforce or challenge the current market view that borrowing costs may fall later this year. Even a modest surprise could shift bond yields, currency moves, and stock valuations across global markets.

For now, the tone remains cautious rather than volatile. Traders appear focused on the next major macro signal, with the inflation report likely to set the direction for markets heading into the following week.