* US futures and European stocks eke out gains

* Oil ticks up as Iran and Oman lay out Hormuz plans

* US CPI the key event this week for markets

(Updates ahead of US open)

By Harry Robertson and Wayne Cole

LONDON/SYDNEY, Aug 10 (Reuters) - Global equities inched

higher on Monday after Wall Street hit a record high on Friday,

with markets focused on the outlook for Federal Reserve interest

rates and a potential deal to reopen the Strait of Hormuz energy

transit route.

Europe's continent-wide Stoxx 600 index rose 0.2%,

while futures for the U.S. S&P 500 climbed 0.1% and those

for the tech-focused Nasdaq firmed 0.2%.

U.S. stocks hit a record high on Friday after a

weaker-than-expected jobs report caused traders to cut their

bets on Fed rate hikes.

As markets focus on inflationary pressures, Iran said on

Sunday that a deal with Oman about transit through the Strait of

Hormuz was in its final stages.

Yet Iran reiterated that the waterway would only reopen once

the United States met other conditions, including compensation

and an end to sanctions and military threats.

Brent crude rose 2% to $85 a barrel as shipping

through the strait remained at a trickle, although it remained

well below late April's peak of more than $126 a barrel.

The key event for markets this week is the U.S. inflation

reading for July on Wednesday, which will impact Fed officials'

thinking on rates.

Economists polled by Reuters expect the consumer price index

‌to have risen ⁠3.4% year-on-year in data on Wednesday, compared

to 3.5% the previous month.

"We are keeping our view of no hikes from the Fed for this

year," said Mohit Kumar, a senior European economist at

Jefferies. "Key would be this week's inflation report."

"If oil prices remain contained and move lower from the

current levels, that would prevent the need for the Fed to hike

rates," Kumar said.

Asian shares rose overnight, tracking Wall Street stocks,

with Japan's Nikkei up 2.1% while South Korea

added 0.7%.

Overall, the MSCI index of global stocks

climbed 0.1% on Monday.

EARNINGS HELP POWER STOCKS

Stock markets around the world have hit record highs in

recent weeks, boosted by strong corporate earnings.

Analysts at BofA said that with nearly 90% of S&P 500

results in, earnings per share were up 30% on the year after

excluding investment gains at Alphabet and Amazon. A 76% EPS

beat rate matched the strongest level since 2021.

Strategists at JPMorgan revised up their 2026 EPS estimate

to $365, marking annual growth of 35%, and lifted their S&P 500

price target to 8,000 from 7,800. It is currently at 7,758.

Earnings are lighter this week, but include semiconductor

company Applied Materials ( AMAT ), networking equipment maker

Cisco ( CSCO ) and cloud infrastructure technology company

CoreWeave ( CRWV ).

Yields on 10-year Treasuries rose very slightly

to 4.664%, with the market bracing for $125 billion in new

issuance this week.

Currency markets were broadly steady, with the euro just off

a seven-week top at $1.155.

The dollar rose 0.5% against the yen to 158.68,

though investors were still wary of intervention.

Bank of Japan policymakers warned of mounting inflation

risks that could require a faster-than-expected pace of interest

rate increases, a summary of opinions at their July meeting

showed, boosting the case for a September hike.