Global stock markets inched higher

as investors remained mostly on the sidelines ahead of Friday’s payrolls data. In Europe, the central bank will almost certainly lower interest rates.

S&P 500 futures gained 0.2% after the US benchmark closed little changed in the previous session. European and Asia stocks posted modest moves, with light trading volumes across the board. The yield on 10-year Treasuries rose two basis point to 4.37% as Wednesday’s rally faded.

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Traders are awaiting fresh data on the state of the US economy after recent prints have signaled that US President Donald Trump’s trade war was hurting the economy. Meanwhile, the wild swings sparked by Trump’s tariff announcements in April and subsequent rebound have given way to more subdued, two-way trading in recent weeks.

Friday’s jobs report is expected to show that growth in nonfarm payrolls slowed and the unemployment rate remained steady.

“Consensus is for lower job creation,” said Ulrich Urbahn, head of multi-asset strategy and research at Berenberg. “I think there must be a big surprise to the downside for volatility to increase.”