Pumped-up hopes for U.S. tech sector earnings in a heavy week for corporate updates generally have twinned with the latest sign Europe may have dodged a winter recession. Philadelphia SE semiconductor index .SOX jumped 5% on Monday as analysts upgraded the industry, making it the biggest one-day gain since November. Whether that's good news for markets or a signal that the European Central Bank will have to stamp even harder to get double digit inflation back to target is a moot point.