(Updates for morning European session, adds comment)

* U.S. futures and European stock eke out gains

* Oil steady as Iran and Oman lay out Hormuz plans

* U.S. CPI the key event this week for markets

By Wayne Cole and Harry Robertson

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

higher on Monday as oil prices held broadly steady after Iran

said it was nearing a final pact with Oman defining new shipping

lanes in the Strait of Hormuz, and as markets awaited key U.S.

inflation data on Wednesday.

Europe's continent-wide Stoxx 600 index rose 0.1%

while futures for the U.S. S&P 500 climbed 0.2% and those

for the tech-focused Nasdaq were up 0.4%.

Iran said on Sunday that a deal with Oman about transit through

the Strait of Hormuz was in its final stages but reiterated that

the waterway would only reopen once the United States met other

conditions.

Brent crude was little changed at $83.50 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.

Asian shares rose overnight, tracking Wall Street stocks, which

hit a record high on Friday after a weaker-than-expected U.S.

jobs report caused traders to cut their bets on Federal Reserve

rate hikes.

Japan's Nikkei rose 2.1%, while South Korea

added 0.7%.

Overall, the MSCI index of global stocks

climbed 0.1% on Monday.

"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."

Economists polled by Reuters expect the U.S. July consumer

price index ‌to have risen ⁠3.4% year on year in data on

Wednesday, compared to 3.5% the previous month.

Core CPI, which excludes volatile food and energy prices, is

forecast to increase 2.5% annually, from 2.6% in June.

"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.

Traders in the Fed futures market have scaled back

their bets on a rate hike and now see a roughly 45% chance of a

September move, from 67% a week ago.

EARNINGS HELP POWER STOCKS

Stock markets around the world have hit record highs in recent

weeks, boosted by strong corporate earnings.

Analysts at BofA noted 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 fell 1 basis point to

4.643%, 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 $1.156.

The dollar rose 0.4% against the yen to 158.48, 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.