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UPDATE 1-FTSE 100 hovers near two-month high as BoE rate cut prospect hits pound

Muvija M and Indranil Sarkar

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* FTSE 100 up 0.9%, FTSE 250 up 0.3%

* Exporters gain as pound drops

* Persimmon up on Jefferies upgrade (Adds company news items, updates share prices)

Sept 27 (Reuters) - London's exporter-heavy FTSE 100 jumped to its highest in nearly two months on Friday as sterling slipped after the Bank of England gave its clearest signal yet that it could cut rates and on growing hopes of a resolution to the U.S.-China trade war.

The blue-chip bourse rose 0.9% at 0801 GMT to levels not seen since Aug. 2, with gains across all sectors, and was set to end the week on a surprisingly positive note despite growing political tensions.

A lack of any major chipmaker presence shielded the index from a profit warning from Nasdaq-listed Micron Technology , helping it outperform European's main index.

The more domestically-focused midcap index, which earns roughly half of its profits in the local currency, added only 0.3% as pound dropped to multi-week lows.

Even as the Oct. 31 Brexit deadline approaches, very little is clear about how or even whether the UK will leave the European Union. Prime Minister Boris Johnson is in a standoff with parliament after vowing to take the country out of the bloc with or without a deal.

Those uncertainties pushed BoE policymaker Michael Saunders to hint at a likely interest rate cut scenario, just a week after the bank kept rate cuts off the chart.

The BoE seemed to be playing catch-up, after the U.S. Federal Reserve cut interest rates twice this year and the European Central Bank eased monetary policies to support the slowing euro zone economy.

Hopes that a long drawn-out Sino-U.S. trade war might be nearing a solution also helped sentiment after China said on Thursday it was in close communication with the United States over trade talks next month.

Oil majors BP and Shell and financials including Asia-exposed stocks contributed to more than half the FTSE 100's gains by 0821 GMT.

The index is nevertheless heading for its first quarterly loss this year due to a slew of negative headlines around escalating U.S.-China trade tensions, recession fears and a rise in no-deal Brexit worries under Johnson's premiership.

Among stock moves, Britain's second-largest homebuilder Persimmon added 2.2% after brokerage Jefferies said Brexit risks were overplayed in the sector and upgraded the stock.

Offshore oilfield services contractor Gulf Marine surged 20% after it signed a deal with lenders to provide cash till year-end, while mid-cap utility Pennon Group scaled a one-year high after it maintained targets.

(Reporting by Indranil Sarkar and Muvija M and Shashwat Awasthi in Bengaluru; Editing by Bernard Orr and Catherine Evans)