UPDATE 1-Bookie GVC, weak China data lead to bets against FTSE 100

London's FTSE 100 index slipped on Friday as gambling firm GVC plunged after its top executives cut stakes, while weak Chinese export data rekindled global growth fears and investors remained daunted by a downbeat outlook from the European Central Bank.

Struggling department store Debenhams was a bright spot on the UK indexes after Sports Direct's Mike Ashley made a move towards running the more than 240-year-old company. The main index and the FTSE 250 were both down 0.6 percent by 0937 GMT.

GVC plunged 17.5 percent, hitting its lowest level since July 2016 and on track for its steepest drop in nearly nine years, after its chairman and chief executive sold some of their holdings in the company. The fall in British stocks was in line with a global mood that dragged Shanghai equities down by their most in five months.

Debenhams jumped 15.6 percent on Ashley's plans to forego his current role as Sports Direct chief executive to focus on the small-cap department store firm. "Debenhams is in need of a lifeline, and there’s been widespread speculation it could be hauled aboard the good ship Sports Direct before too long," Hargreaves Lansdown analyst Laith Khalaf said.

"Not for the first time, Mike Ashley has surprised the market with a more unexpected solution to the problems besetting the retailer." Sports Direct slipped 1.4 percent in response.

Earnings reports led some midcap stocks sharply higher despite the foul mood. Building materials supplier SIG jumped 9 percent as 2018 profits surged on cost control. Thermal processing service provider Bodycote rose 7.2 percent on a profit beat.

The gains placed SIG and Bodycote on course for their best day in over two years. However, tourism and insurance group Saga slipped 8.6 percent after JP Morgan downgraded it to "underweight" and said competitive markets were pressuring margins.

Goals Soccer Centre dropped to a record low after the operator of outdoor soccer centres warned on profit and disclosed accounting errors. The stock was last down 28.6 percent after slumping about 50 percent. "The recent rally in European markets appears to have finally run out of steam this week as investors start to take profits over concerns that the macroeconomic backdrop is much weaker than was thought to be the case," CMC Markets analyst Michael Hewson said.

(Reporting by Muvija M and Shashwat Awasthi in Bengaluru Editing by Josephine Mason and Dale Hudson)