By Ritvik Carvalho LONDON, April 12 (Reuters) - Global stock markets fell from record highs on Monday as investors waited to see whether U.S. earnings would justify sky-high valuations, while a rally in bonds could be tested by what should be strong readings for U.S. inflation and retail sales this week. The gauge's price-to-earnings ratio is at its highest level since early 2010. European shares eased off record highs as investors held off from making big bets before earnings season.