UPDATE 2-FTSE 100 up on banks and consumer staples for second week of gains

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* GDP falls by 2.9% in January from December
* Burberry jumps on upbeat outlook
* AstraZeneca (NASDAQ:AZN) cuts COVID-19 vaccine forecast
* FTSE 100 up 0.4%, FTSE 250 off -0.1%

(Updates to close)
By Shivani Kumaresan and Amal S
March 12 (Reuters) - London's FTSE 100 reversed course on
Friday and ended a strong week on an upbeat note, with banks and
consumer staples leading gains, while data showed the UK economy
shrank by less than feared in January.
The blue-chip FTSE 100 index .FTSE ended 0.4% higher on
Friday and rose for the second consecutive week, as investors
bet on a gradual easing of coronavirus restrictions and a steady
vaccination programme to eventually spur growth.
Britain's economy contracted by 2.9% in January from
December as the country went back into a lockdown and is likely
to shrink by 4% in the first quarter of 2021, official data
showed. "The big message that investors will take from today's GDP
figures isn't that there was a fall in January, but that the
fall was far less steep than most economists had predicted,"
said Danni Hewson, analyst at AJ Bell.
Bank stocks, including Barclays PLC BARC.L , HSBC Holdings
plc HSBA.L , Lloyds Banking Group LLOY.L and Standard
Chartered STAN.L gained between 0.8% and 3.6%, tracking higher
U.S. Treasury yields.
A selloff in U.S. debt resumed, with yields on benchmark
10-year notes approaching the one-year highs touched last week.
US/
A raft of global stimulus has helped the FTSE 100 rebound
more than 37% from its coronavirus-driven crash last year, but
it has lagged its European peer, the STOXX 600 index .STOXX ,
on worries about the economic damage from prolonged lockdowns.
The domestically focused mid-cap FTSE 250 index .FTMC fell
0.1%, dragged down by tech and discretionary consumer stocks.
Luxury group Burberry BRBY.L rose 6.9% to the top of the
blue-chip index after recording a strong rebound in sales since
December, which it expected to result in a profit for the year
to March 27 - beating market forecasts. AstraZeneca Plc AZN.L fell 0.9%, after scaling back its
planned deliveries of COVID-19 vaccines to the European Union in
the first quarter to about 30 million doses, a third of its
contractual obligations and a 25% drop from pledges made last
month.