UPDATE 2-FTSE 100 rebounds as new virus cases drop, housebuilders jump

* FTSE 100 up 1%, FTSE 250 up 0.8%

* Housebuilders up on bullish HSBC view

* Hochschild, Man Group lead midcaps

* UK inflation, Fed minutes eyed
(Updates with closing prices)

By Shashwat Awasthi

Feb 19 (Reuters) - London's FTSE 100 rebounded in tandem
with global markets on Wednesday as housebuilders advanced after
HSBC upgraded its view on the stocks ahead of a first batch of
results next week, while the number of new coronavirus cases in
China fell.

The blue-chip index added 1%, with a sub-index of
housebuilders hitting a record high. The FTSE 250
gained 0.8%, helped by a 13% surge in Hochschild Mining
after it reported 2019 results and targets for 2020.

Berkeley was the most notable gainer on the
blue-chip index as it rose 2.2% to an all-time high. Fellow
housebuilders Barratt, Taylor Wimpey and
Persimmon also rose between 1%-1.9%.

The sector is particularly sensitive to the domestic economy
and updates on Britain's departure from the European Union, both
of which have influenced consumer demand.

"The decisive general election result has brought the
prospect of a final settlement of Brexit closer and unleashed
pent-up demand in housing activity," HSBC analysts said.

Miners and oil stocks also boosted the FTSE
100. HSBC rebounded from a more than 6% slide in the
previous session when it reported lower profit and laid out
plans for a strategic overhaul.

Among midcaps, hedge fund manager Man Group jumped
9.1%, which according to traders was due to a rating upgrade
from Exane. In contrast, price comparison website
Moneysupermarket.com dipped 2.2% after saying its top
boss would step down.

Both British benchmarks were coming off losses in the
previous session due to a revenue warning from Apple that stoked
fears over the economic fallout of the coronavirus outbreak.

The indexes touched their lowest point in months in January,
but have recovered along with global markets as world
governments and central banks took measures to stem the economic
impact of a health crisis in China.

"The markets are arguably in a transition period between
focusing on daily new case and death toll figures to data that
will show the economic impact of the coronavirus," Spreadex
analyst Connor Campbell said.

Investors are also looking ahead to the release of Britain's
inflation data as well as minutes of the latest U.S. Federal
Reserve meeting which could spur some moves.
(Reporting by Shashwat Awasthi and Muvija M in Bengaluru;
Editing by Arun Koyyur/Mark Heinrich)