UPDATE 2-Financials, miners lead FTSE 100 rebound, but Burberry, Thomas Cook slip

* FTSE 100, FTSE 250 up 0.8%
* Banks, miners boost main index
* Burberry slumps after FY report
* Profit warning takes Thomas Cook to multi-year low
* Genetics co Genus jumps after licensing deal
* Sophos surges on better-than-expected profit

(Adds analyst comment, company news items, updates to closing
prices)
By Muvija M and Yadarisa Shabong
May 16 (Reuters) - Rallying banks and mining stocks lifted
Britain's FTSE 100 on Thursday, but weak earnings hit luxury
brand Burberry BRBY.L and Thomas Cook TCG.L was floored by a
profit warning.
The main index .FTSE bounced 0.8%, gaining for the third
consecutive session, and the mid-caps .FTMC gained by the same
margin, helped by strong earnings reports.
UK shares, along with their European counterparts, reversed
initial losses after a strong open on Wall Street, which was
lifted by earnings and strong economic data, despite U.S. curbs
on China's Huawei heigtening trade tensions. Miners .FTNMX1770 jumped nearly 2%, continuing a three-day
winning streak, as iron ore futures scaled a record high on
strong demand, while aluminium prices also rose as production
shutdowns at one of China's biggest smelters fuelled supply
worries. Private equity firm 3i III.L advanced 3.2% after reporting
a jump in total returns. Exporters were also lifted after the pound neared a
four-month low as Britain's Prime Minister Theresa May fought to
keep her Brexit deal intact, amid growing fears of a disorderly
departure from the European Union. However, Burberry BRBY.L slumped 5.9% on its worst day
since January after reporting a drop in adjusted operating
profit. National Grid NG.L slipped 3.4% - its biggest one-day drop
this year - after reporting a drop in earnings and the
opposition Labour Party announced plans to take energy networks
back into state ownership if elected. On the FTSE small-cap index .FTSC , Thomas Cook TCG.L
slumped more than 14.7%, after earlier hitting a more than
6-1/2-year low, as the travel group said economic and political
uncertainty would hit its profit this summer. Its larger rival TUI TUIT.L fell 2.5%, while easyJet
EZJ.L slipped 2.1% and IAG ICAG.L gave up 1.2%.
The midcap index drew some strong news-related moves.
Livestock genetics firm Genus GNS.L jumped 14.1% after a
deal to license its know-how on virus-resistant pigs to Beijing
Capital Agribusiness, which will seek regulatory approval for
the pigs in the world's biggest pork market.
Cyber security firm Sophos SOPH.L surged 14% on its best
day in more than a year after reporting higher-than-expected
annual earnings, while Premier Oil PMO.L jumped 8.8% as it
hiked its production target. Metro Bank MTRO.L slumped 8.1% after the Financial Times
reported that its share placing might be priced at a 10%
discount. After the market close Metro Bank announced plans to
raise 350 million pounds at a price of 500 pence per share, a
7.3% discount to Thursday's closing price.