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AstraZeneca ( AZN ) up after upbeat revenue forecast

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SSP Group ( SSPPF ) falls after H1 EBITDA miss

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FTSE 100 down 0.1%, FTSE 250 off 0.4%

(Updated at 1551 GMT)

By Pranav Kashyap and Purvi Agarwal

May 21 (Reuters) - The UK's benchmark FTSE 100 was

little changed on Tuesday, as gains in pharma giant AstraZeneca ( AZN )

were offset by declines in the automobile and parts sector,

while investors indulged in some profit-taking ahead of a

crucial domestic inflation reading.

The blue-chip FTSE 100 lost 0.1%, while the mid-cap

FTSE 250 was off 0.4%.

The automobile and parts sector declined

4.0%, the biggest sectoral fall, pulled down by a 6.1% loss in

Dowlas Group, after the GKN automotive owner warned of

lower revenue in the year.

Nearly half of the sectors closed lower while the pharma and

biotech sector offset some losses with a 1.1%

gain, pulled up by AstraZeneca ( AZN ), which advanced 2.2% after the

drugmaker said it aimed to grow its revenue by 75% to $80

billion by 2030.

"The FTSE has run very far, very fast and there's a bit of

profit-taking. Defensive sectors are winning out and I think

AstraZeneca ( AZN ) is the strength on the index today," said Patrick

Armstrong, chief investment officer at Plurimi Wealth.

Meanwhile, two Federal Reserve policymakers said it was

prudent for the U.S. central bank to wait several more months to

ensure that inflation was slowing before commencing interest

rate cuts.

"Inflation is actually starting to reaccelerate a little bit

on some measures. The Fed can't be promising cuts because the

employment backdrop is far too strong and they've not dealt with

inflation yet," Armstrong added.

Consumer prices index (CPI) data, due on Wednesday, also

added to the caution, as investors waited to see if it would

support the Bank of England's dovish tone on the timing of

interest rate cuts in the year.

Also on the radar will be chipmaker Nvidia's ( NVDA )

quarterly results, which are expected to influence the broader

markets given the euphoria around artificial intelligence.

In other corporate news, SSP Group ( SSPPF ) was the top

loser on the mid-cap index with a 9.0% dip after the Upper Crust

owner reported half-year EBITDA that missed estimates.