Global markets struggled for direction with the focus of the week on a crucial U.S. inflation report that could influence the Federal Reserve Board’s course on interest rates.

Wall Street futures were in positive territory after major U.S. markets closed higher on Friday.

TSX futures inched up after Canada’s main stock market closed slightly lower but still posted a hefty weekly gain.

In Canada, investors are getting results from Barrick Mining Corp. and Franco-Nevada Corp.

“Both headline and core CPI are expected to have risen in July; core inflation remains sticky near the 3-per-cent level – above the Fed’s 2-per-cent policy target – which in normal times should justify a ‘no cut’ from the Fed next month," Ipek Ozkardeskaya, senior analyst at Swissquote Bank, wrote in a note.

“But alas, times are not normal, and the increasing pressure from the White House – along with the replacement of outgoing members by dovish, White House-friendly members – suggests that rate cuts will come, no matter what."

Overseas, the pan-European STOXX 600 was little changed in morning trading. Britain’s FTSE 100 rose 0.28 per cent, Germany’s DAX gave back 0.24 per cent and France’s CAC 40 declined 0.27 per cent.

In Asia, Japan’s Nikkei was closed, while Hong Kong’s Hang Seng advanced 0.19 per cent.

Oil prices were steady after falling more than 4 per cent last week as investors awaited the outcome of talks between the U.S. and Russia on the war in Ukraine.

Brent crude futures were up 5 US cents to US$66.64 a barrel, while West Texas Intermediate (WTI) crude futures were down 1 US cent to US$63.87.

The talks follow increased U.S. pressure on Russia, raising the prospect that penalties on Moscow could also be tightened if a peace deal is not reached.

“If peace talks falter and the conflict drags on, the market could quickly pivot to a bullish stance, potentially triggering a sharp rally in oil prices,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.

In other commodities, spot gold was 1.1 per cent lower at $3,362.21 an ounce. U.S. gold futures for December delivery dropped 2.2 per cent to $3,417.30.

The Canadian dollar weakened against its U.S. counterpart.

The day range on the loonie was 72.58 US cents to 72.76 US cents in early trading. The Canadian dollar was down about 0.45 per cent against the greenback over the past month.

The U.S. dollar index, which weighs the greenback against a group of currencies, advanced 0.07 per cent at 98.25.

The euro was up 0.02 per cent to US$1.1645. The British pound gained 0.02 per cent to US$1.3454.

In bonds, the yield on the U.S. 10-year note was last down at 4.267 per cent.

China CPI, PPI, aggregate yuan financing and new yuan loans

(10:30 a.m. ET) Bank of Canada’s Market Participants Survey for Q2.

With Reuters and The Canadian Press