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UPDATE 1-FTSE 100 falls as mining shares, weak forecasts tug it lower

* FTSE 100, FTSE 250 down 0.2 pct

* Standard Chartered gains on results, buyback

* Whitbread, Glencore hit after downbeat forecasts

* Mining companies slips on disappointing Chinese data (Adds company news items, updates share moves)

April 30 (Reuters) - Britain's main index slipped on Tuesday as mining shares fell following weak data from China and restaurant group Whitbread and mining company Glencore dropped after issuing weak forecasts.

The losses offset gains by Standard Charter, which surged after it announced buyback plans.

Both the FTSE 100 index and the midcaps dropped 0.2 percent by 0827 GMT.

Whitbread, the owner of Premier Inn, fell 2.7 percent after forecasting weak room revenue growth in the UK. Glencore dropped 2.5 percent as severe flooding in Australia led it to lower its 2019 copper output target.

Mining shares were hit as most industrial metals weakened. Data showed factory activity in China, the world's biggest copper consumer, unexpectedly slowed in April.

"Data from China overnight is bad for risk," Markets.com analyst Neil Wilson said.

That didn't stop Standard Chartered. The bank's London-listed shares jumped 4.4 percent to a nine-month high after it announced plans for a share buyback of up to $1 billion, its first such in at least 20 years, and posted higher earnings.

DS Smith slipped 3 percent after the packaging firm said financial performance for the year had continued in line with its expectations. "There were no fireworks in the pre-close," Jefferies analysts said.

Among midcaps, Sirius Minerals slumped 13.3 percent after it set a price range of 15 to 18 pence per share to raise about $400 million, a discount to its Monday's closing price of 21.9 pence.

Pub-operator Greene King lost 6.6 percent, despite forecasting annual pre-tax profit above analysts' expectations.

"Although this is a good result, we think it will have largely been priced in given the weak comparable and the favourable Easter weather," JP Morgan analysts wrote of Greene King update. (Reporting by Muvija M and Shashwat Awasthi in Bengaluru; editing by Larry King)