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* Blue-chip FTSE 100 little changed
* HSBC leads banking index higher
* Next shares gain after update
By Atul Prakash
LONDON, Aug 3 (Reuters) - Britain's top share index steadiednear a recent two-week low on Wednesday, with weaker commoditiesand property-related stocks offsetting an HSBC-led rally in banking stocks.
The blue-chip FTSE 100 index was down 0.02 percentin morning trading after hitting its lowest since mid-July inthe previous session. The index's 16-percent rally since apost-Brexit slump is losing steam, with the market facing someselling pressure in the past days.
Banks were the top performers, with HSBC helping the UKbanking index to gain 2 percent.
HSBC shares rose 3.3 percent after Europe's biggest bankcheered investors by announcing plans to buy back up to $2.5billion of its shares, despite reporting a 29 percent slump inits first-half profits.
"This reflects the decision by management to return half ofthe capital gain generated from the disposal of the group'sBrazilian operations ... (but it) has dropped its progressivedividend policy," Shore Capital analyst Gary Greenwood said.
"So while giving with one hand, (the) management is at thesame time taking away with the other."
Other banks also gained, with both Royal Bank of Scotland and Standard Chartered up around 1 percent.
However, commodities-related stocks lost ground again. TheUK mining index fell 0.3 percent, tracking lossesin major industrial metals.
Shares in Rio Tinto were down around 1 percent, alsoafter the global miner reported a 47 percent slump in first-halfprofit to its weakest in 12 years. However, losses were limitedas it surprised the market with a higher-than-expected dividend.
Property-related stocks also fell on lingering concernsabout the pace of economic growth in Britain after the countryvoted in late June to leave the European Union.
A closely watched business survey said on Wednesday thatBritain's economy was shrinking at its fastest rate since the2008-09 financial crisis, making a Bank of England rate cut onThursday "a foregone conclusion".
Shares in Persimmon, Taylor Wimpey and IntuProperties fell around 1 percent.
Among other movers, Next rose 3.6 percent afterreporting a pick up in sales in its fiscal second quarter fromthe first. (Reporting by Atul Prakash; Editing by Mark Potter)
