Resource stocks help European shares bounce back

PARIS, May 12 (Reuters) - European shares gained ground in early trade on Monday, trimming some of the previous session's heavy losses, led by commodity-related stocks while investors braced for an update from HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) due later in the session.

At 0720 GMT, the FTSEurofirst 300 index of top European shares was up 0.5 percent at 1,349.94 points. The index dropped 1.3 percent on Friday, hit by downbeat corporate results and inflation worries fuelled by record oil prices.

Energy shares were among the top positive weights on the index on Monday, with Total (TOTF.PA: Quote, Profile, Research, Stock Buzz) up 0.8 percent and BP (BP.L: Quote, Profile, Research, Stock Buzz) up 0.8 percent. Oil traded at $125.66 a barrel, down on the day but not far from record highs.

Miners also gained ground, with Rio Tinto (RIO.L: Quote, Profile, Research, Stock Buzz) up 1.2 percent and Xstrata (XTA.L: Quote, Profile, Research, Stock Buzz) up 1 percent.

Investors were keeping a close eye on news of a major earthquake that shook China's Sichuan province.

(Reporting by Blaise Robinson)