UPDATE 2-European stocks bounce back from tech rout on strong data, commodities

* Miners lead gains across Europe
* STOXX 600 earnings to jump 83.1% in Q1
* EZ service sector activity expands in April-PMI
* Construction and materials stocks at record high

(Updates to market close)
By Sruthi Shankar and Ambar Warrick
May 5 (Reuters) - European stocks marked their best day in
nearly two months on Wednesday, recovering from a sharp sell-off
in the previous session as resource stocks hit a 10-year high,
while data showed euro zone business activity picked up in
April.
The pan-European STOXX 600 index .STOXX ended 1.8% higher,
wiping out almost all of its 1.4% loss on Tuesday, when concerns
over policy tightening in the United States had rattled
high-value technology stocks.
European tech stocks .SX8P rose 2.7% after a 3.7% plunge
in the previous session.
Europe's basic resources index .SXPP jumped 4.7% to a
10-year peak, with big London-listed miners leading gains as
copper prices hit decade highs on optimism about a speedy
recovery in the global economy. The index also marked its best
day in nearly a year. MET/L
Oil and gas stocks .SXEP surged 3.2% in their best day
since mid-February, as expectations of recovering demand
benefited oil prices, while the construction and materials index
.SXOP jumped 2.9% to a record high. O/R
"Data shows the vaccine run-rate in Europe is now picking up
rapidly, European macro data is improving and the Q1 earnings
season suggests corporates are able to deal with higher input
costs," UBS analysts wrote in a note.
Euro zone business activity accelerated in April as the
bloc's dominant services industry shrugged off renewed lockdowns
and returned to growth, a survey showed. Growth-sensitive stocks have benefited from expectations of
an economic recovery, with banks .SX7P , travel and leisure
.SXTP and basic resources leading gains this year. A strong
first-quarter earnings season has also helped sentiment.
European earnings are now expected to surge 83.1% in the
first quarter, according to Refinitiv IBES data, up from last
week's forecast of 71.3% growth.
German cooking appliances maker Rational RAAG.DE jumped
12.7% to the top of the STOXX 600, after it posted
better-than-expected first-quarter results. Danish shipping company Maersk MAERSKb.CO was up 6.9%
after it said it was expecting an "exceptionally strong"
performance in the first quarter to continue for the rest of the
year. Stellantis STLA.MI rallied 7.0% after the carmaker
reported better-than-expected quarterly revenue but warned that
a global shortage of semiconductors would affect production this
quarter more heavily. German fashion house Hugo Boss BOSSn.DE rose 5.2% as it
saw first-quarter sales almost double in mainland China, and its
casual business returned to growth. Delivery Hero DHER.DE fell 4.2% as former owners of Woowa
Brothers sold shares worth about 1.25 billion euros ($1.5
billion) in the online takeaway food company.