UPDATE 2-UK's main index sees 7th straight day of losses, BoE comments lift midcaps

* FTSE 100 down 0.1%, FTSE 250 rises 0.6%
* Pharma stocks down again after U.S. withdraws rebate rule
* Thomas Cook slumps after talks of a 750 mln stg bailout
* Lookers drops after profit warning

(Adds company news items, updates share moves)
By Shashwat Awasthi and Muvija M
July 12 (Reuters) - London's FTSE 100 saw its seventh day in
the red on Friday, its longest losing streak since 2015, led
lower by losses in pharmaceuticals after the U.S. White House
scrapped a rebate rule, while the midcap bourse jumped on
prospects of lower interest rates.
The UK's blue-chip index .FTSE edged 0.1% lower after
trading in positive territory for most of the session as its
more internationally-exposed constituents such as miners climbed
on hopes of an interest rate cut by the U.S Federal Reserve.
The mid-cap FTSE 250 .FTMC , however, saw a 0.6% rise as a
Bank of England official said that the BoE might need to cut
interest rates almost to zero after a no-deal Brexit.

The BoE comments helped cap losses on the main index as well
with blue-chip housebuilders Persimmon PSN.L and Barratt
BDEV.L rising on rate cut hopes.
Pharmaceutical heavyweights AstraZeneca AZN.L and
GlaxoSmithKline GSK.L were among the biggest drags on the main
index, tracking shares in their U.S. peers after the Trump
administration pulled the rebate rule.
Exporter stocks such as spirits company Diageo DGE also
weakened along with the dollar, which has been pressured by
growing bets that the Fed would cut interest rates at a policy
meeting later this month.
Among small caps, Thomas Cook TCG.L plummeted nearly 60%
to an all-time low after it proposed a bailout that would hand
control of its packaged-tour business to largest shareholder
Fosun Tourism 1992.HK and would significantly dilute stakes of
existing shareholders. The world's oldest tour operator has been battling fading
demand for packaged holidays and high debt, and traders said
shares were being hammered as investors had been hoping Fosun
would buy out the entire company.
Markets.com analyst Neil Wilson said several questions about
how the refinancing deal would impact a proposed sale of the
airline business also remained.
Hiscox HSX.L ended the day with a 2.1% drop, after having
fallen as much as 6% after the insurer warned of continued
deterioration in the market.
Among big risers on the midcap index was cybersecurity firm
Sophos Group SOPH.L , which jumped 5.4% after reporting higher
first-quarter adjusted earnings and revenue on subscription
growth.
Small-cap Lookers LOOK.L , whose shares have almost halved
in value this year as the car dealership chain battles weaker
car demand in Britain, dropped another 8% after it warned on
annual profit.