SYDNEY - Major share indexes crept higher in Asia on Monday as upbeat company earnings underpinned high valuations in the tech sector, while a crucial report on US inflation would likely set the course of the dollar and bonds.

While Japan's stock market was closed for a holiday, futures pushed up to 42,380 and suggested the cash index will test its all-time high of 42,426 this week.

EUROSTOXX 50 futures added 0.2 percent, while FTSE futures rose 0.1 percent and DAX futures firmed 0.2 percent.

The main economic release will be US consumer prices on Tuesday, with analysts expecting the impact of tariffs to help nudge the core up 0.3 percent to an annual pace of 3.0 percent and away from the Federal Reserve target of 2 percent.

An upside surprise would challenge market wagers for a September rate cut, though analysts assume it would have to be a very high number given a downward turn in payrolls is now dominating the outlook.

"The tone from the Fed has shifted as a number of officials expressed concerns about growth following the July employment report," said Bruce Kasman, chief economist at JPMorgan.

"We now expect the Fed to restart its easing cycle in September," he added. "Recession risks are elevated at 40 percent, but we do not yet see a case for a larger than 25bp series of cuts."

Markets imply around a 90 percent probability of a September easing, and at least one more cut by year end.

Trump's pick for Fed governor, Stephen Miran, may or may not be in place in time to vote for a cut in September, while the choice of a new chair has broadened out to around 10 contenders.

The prospect of lower borrowing costs has supported equities, along with a run of strong earnings.

Analysts at BofA note 73 percent of companies had beaten on earnings, well above the 59 percent long run average, while 78 percent beat on revenue.

"While mentions of 'weak demand' ticked up and tariff concerns remain, corporate sentiment and guidance are improving," they said in a note.

S&P 500 futures and Nasdaq futures both edged up 0.1 percent on Monday to near record highs.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 percent, while South Korea was flat having bounced 2.9 percent last week.

Currencies were quiet with markets thinned by Japan's absence, with the dollar index a fraction lower at 98.066 after slipping 0.4 percent last week.

The euro added 0.2 percent to $1.1670 and further away from a recent trough of $1.1392, while the dollar dipped to 147.50 yen having met resistance around 147.90.

The Australian dollar eased to $0.6520 ahead of a meeting of the Reserve Bank of Australia which is widely expected to sanction a rate cut, having stunned markets in July by skipping an easing to await more inflation data.

The figures turned out benign, so investors have again fully priced a quarter-point cut to 3.60 percent.

In commodity markets, gold fell 0.6 percent to $3,378 an ounce after wild swings last week on reports the US would slap 39 percent tariffs on some gold bars, which are major exports of Switzerland.

Gold futures pared gains on Friday when the White House said it planned to issue an executive order clarifying the country's stance on gold bar tariffs.

Brent dropped 0.6 percent to $66.22 a barrel, while US crude eased 0.7 percent to $63.44 per barrel.