TOKYO (AP) — Global benchmarks mostly rose Thursday as investors braced for a highly anticipated United States inflation report.

France’s CAC 40 surged 1.0% to 7,396.40 in early trading, while Germany’s DAX gained 0.5% to 7,396.40. Britain’s FTSE 100 edged up nearly 0.1% to 7,591.98. U.S. shares were set to drift higher with Dow futures up 0.5% at 35,373.00. S&P 500 futures added 0.5% to 4,509.25.

Later in the day, the U.S. government will give its monthly update on the inflation that consumers are experiencing. Economists expect to see an acceleration to 3.3% in July from 3% in June. Tina Teng, markets analyst at CMC Markets, called the looming update “a pivotal event for global markets.”

Inflation in China also remains a huge concern. “A slowdown in consumer spending and high-interest rates remain issues for the global economy,” said Teng.

Japan’s benchmark Nikkei 225 added 0.8% to finish at 32,473.65. Australia’s S&P/ASX 200 added 0.3% to 7,357.40. South Korea’s Kospi lost 0.1% to 2,601.56. Hong Kong’s Hang Seng was little changed, rising less than 0.1% to 19,248.26. The Shanghai Composite rose 0.3% to 3,254.56.

Weighing on sentiments in China was a move by U.S. President Joe Biden to block and regulate high-tech U.S.-based investments going toward China.

Biden signed an executive order Wednesday that covers advanced computer chips, micro electronics, quantum information technologies and artificial intelligence. The order seeks to blunt China’s ability to use U.S. investments in the country’s technology companies to upgrade its military, but also to preserve broader levels of trade that are vital for both nations’ economies.

“Chinese indices are up and down. Up, thanks to measures that the Chinese government announced to support the economy, down because of plunging export-import, deflation worries following another round of soft trade, CPI and PPI numbers since the start of the week, and the jitters that the U.S. could limit investments to China,” Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said.

U.S. Federal Reserve officials have said repeatedly that their upcoming decisions on interest rates would depend on the latest economic data, especially for inflation and the job market.

A rise in inflation that’s much worse than expected could raise fears that the Fed’s job in battling inflation is far from done and that it may have to keep hiking interest rates. At the least, it could push the Fed to keep rates high for longer than expected.

High rates slow inflation by grinding down the entire economy and hurting investment prices. The Fed has already pulled its federal funds rate to the highest level in more than two decades. Rate hikes historically take a long time to take full effect across the economy, so the risk of a recession still remains.

In energy trading, benchmark U.S. crude added 13 cents to $84.53 a barrel. Brent crude, the international standard, rose 21 cents to $87.76 a barrel.

In currency trading, the U.S. dollar edged up to 143.79 Japanese yen from 143.67 yen. The euro cost $1.1024, up from $1.0979.

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AP Business Writer Stan Choe contributed from New York.