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FTSE 100, FTSE 250 flat

Feb 19 Reuters British equities started the week on a sombre note as fading hopes of interest rate cuts by global central banks weighed on sentiment, although gains in AstraZeneca on the U.S. FDA39;s approval for its lung cancer drug capped losses.

The bluechip FTSE 100 index held its ground at 7,710.98 points as of 0850 GMT on Monday, while the midcap FTSE 250 index was flat at 19,185.22 points.

Both indexes snapped a twoweek losing streak last week amid investors optimism about an early interest rate cut from the Bank of England after domestic economic data signalled slowing inflation.

However, souring rate cut prospects globally have dented the bets, with money markets now pricing in around 68 basis points cut from the central bank this year, compared with around 72 bps last week. 0BOEWATCH

With a key inflation reading, the producer prices index, coming in hotter than expected on Friday, investor hopes of rapid cuts to interest rates by the Federal Reserve have cooled off, leading to more riskoff sentiment, said Susannah Streeter, head of money and markets at Hargreaves Lansdown in a note.

Aiding the dour mood, BoE chief economist Huw Pill said on Friday that so far he had seen only quite modest and tentative evidence that inflation would fall back to and stay at the central bank39;s 2 target.

Base metal miners shed 1.3…