FTSE 100 gains on oil, mining stock boost; Asos drops on profit warning

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* Asos tumbles on 2022 profit warning; CEO steps down

* BoE hints at "significantly earlier" rate hikes

* Oil stocks jump to March 2020 highs

* FTSE 100 up 0.7%, FTSE 250 off 0.2% (Updates to close)

By Shashank Nayar and Bansari Mayur Kamdar

Oct 11 (Reuters) - UK's FTSE 100 climbed on Monday, helped by heavyweight mining and energy stocks, while a stronger pound on the back of rising inflation and interest rate hike bets limited further gains.

Inflation is back on the investor radar after Bank of England (BoE) policymaker Michael Saunders told households to get ready for "significantly earlier" interest rate rises, and Governor Andrew Bailey said above-target inflation was concerning.

Stuart Cole, head of macroeconomics at Equiti Capital, said the problem that policymakers were facing was that the sources of inflation that had previously seemed temporary were becoming sustainable.

The blue-chip FTSE 100 index .FTSE ended 0.7% higher and recorded its third consecutive session of rises, with Royal Dutch Shell RDSa.L , BP BP.L , Anglo American AAL.L , and Rio Tinto RIO.L among the top gainers.

The pound GBP= strengthened 0.2%, limiting gains in the export-focussed FTSE 100.

Banks .FTNMX301010 added more than 2.2% as bond yields jumped across the curve after Bailey said he was concerned about inflation shooting past the BoE's 2% target. The benchmark 10-year bond yield jumped to its highest since May 2019.

The FTSE 100 has risen about 10% so far this year on easy central bank policies and re-opening optimism, but the pace of gains has slowed recently as investors straddle the fence between rising inflation and rate hike pressures and steady gains in mining and energy stocks on strong commodity prices.

Oil stocks .FTNMX601010 , which have gained about 37% this year, hit their highest level since March last year to recoup most of the pandemic-driven losses. Mining stocks .FTNMX551020 marked their best session since July.

Meanwhile, the domestically focused mid-cap index .FTMC dropped 0.2%, with consumer discretionary stocks among the worst performers.

Online clothing store ASOS ASOS.L fell 13.4%, hitting a 17-month low, after it parted company with Chief Executive Officer Nick Beighton and warned that higher logistics costs and supply chain disruption could force 2022 profits to drop by more than 40%.
Reporting by Bansari Mayur Kamdar and Amal S; Editing by Subhranshu Sahu and Andrew Heavens

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