London stocks flat as investors assess mixed corporate earnings

July 30 (Reuters) - British stocks held steady on Wednesday as investors assessed a mixed bag of corporate earnings while waiting for potential trade updates as the United States' August 1 tariff deadline drew closer.

The blue-chip FTSE 100 .FTSE barely moved with a just 0.01% rise, while the domestically focused midcap FTSE 250 index .FTMC fell 0.08%.

British automobiles and parts .FTNMX401010 led declines, with the sector down 3.8% after Aston Martin AML.L issued a profit warning due to U.S. import tariffs and weak Chinese demand. Shares of the luxury carmaker fell 9.7%.

Banking shares .FTNMX301010 fell 2% after HSBC Holdings HSBA.L reported a sharper-than-expected drop in quarterly profit. The British lender fell 4.5%.

The pharma and biotech subindex .FTNMX201030 rose 2.9%, led by GSK's GSK.L 4.7% gain after the drugmaker beat second-quarter results estimates and said it expects full-year sales and profit to hit the top end of its forecast range.

Taylor Wimpey TW.L was the top loser in the FTSE 100 index, down 6.3% after the homebuilder cut its annual operating profit forecast.

Rio Tinto RIO.L fell 1.3% after the world's largest iron ore producer reported its smallest first-half underlying profit in five years.

Glencore GLEN.L rose 1.9% after the miner said it aims to save $1 billion in costs by the end of 2026, as part of a review of its industrial assets.

Sportswear retailer JD Sports JD.L was down 3.5% after its partner Adidas ADSGn.DE missed second-quarter sales expectations.

Defence firm BAE Systems BAES.L dropped nearly 2% despite upgrading its annual earnings forecast.

RHI Magnesita RHIM.L slumped 10.2%, the biggest loser on the FTSE 250 midcap index, after cutting its annual profit outlook.

Bodycote BOY.L jumped 12.7% to the top of the FTSE 250, after the thermal processing services provider announced an additional 30 million pounds ($40 mln) share buyback.

Meanwhile across the Atlantic, U.S. economic growth rebounded more than expected in the second quarter.

On the radar next week, the Bank of England is expected to cut borrowing costs for the fifth time since last August.

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