UPDATE 1-FTSE 100 tumbles on HSBC cutbacks, Apple warning

* FTSE 100 down 0.6%, FTSE 250 down 0.3%

* HSBC biggest drag on main index

* Apple revenue warning spurs more coronavirus fears

* Utilities outperform blue-chips

* NMC up for 2nd consecutive day
(Adds news items, analyst comments, updates share prices)

By Shashwat Awasthi and Muvija M

Feb 18 (Reuters) - London's FTSE 100 slid to a two-week low
on Tuesday, weighed down by a 5% drop in financial heavyweight
HSBC as traders sold stocks globally on the back of a earnings
warning from tech giant Apple due to the coronavirus epidemic.

The main index shed 0.6%, with HSBC dragging a
sub-index of banks 2.5% lower after its annual
profit declined and it laid out plans for a major strategic
overhaul that included 35,000 job cuts and the halting of share
buybacks.

"We are concerned by the precedent perhaps being set by HSBC
of suspending buybacks, a big source of upward pressure on stock
prices," London Capital Group analyst Jasper Lawler said.

The more domestically-focussed FTSE 250 also gave up
0.3% but still fared better than its blue-chip counterpart,
which was hurt more due to a larger exposure to commodity prices
which are under pressure over concerns of demand.

Global market participants poured money into perceived safe
havens including gold after the signals from Apple, the world's
most valuable technology firm, that sales would be hurt by the
outbreak. That underlined the economic impact of the outbreak,
which has begun to emerge in more concrete financial
declarations from companies in the past few days.

Holiday Inn-owner InterContinental Hotels also
dipped as much as 2% after it said it would take a hit from the
virus and reported a fall in revenue per room due to the impact
of the past year's protests in Hong Kong.

AIM-listed engineering firm Tekmar sank 34% after
it warned results would now be worse than previously thought
thanks to a halt in shipments to and from China.

On the back of Apple's statement, Europe's index of tech
stocks fell 1.5%.

"When the world's largest company sneezes, everyone else is
likely to catch a cold," OANDA analyst Jeffrey Halley said.

The losses followed modest rises in the previous session
when China introduced more stimulus measures to shore up its
economy and as many investors were away due to a U.S. holiday.

Utilities Severn Trent and United Utilities
outperformed the broader market, climbing about 2% each after
JPMorgan sounded bullish on the sector following a recent price
control published by Britain's water regulator.

NMC Health advanced for the second straight session
climbing 8%, a day after its founder BR Shetty resigned as
co-chairman of the healthcare company amid doubts about the
shareholdings of its major investors. The company
is still worth less than half of what it was three months ago.
(Reporting by Shashwat Awasthi and Muvija M in Bengaluru;
editing by Patrick Graham)