Weaker-than-expected inflation data in the US sparked a global rally on Wednesday that lifted rate sensitive stocks such as real estate.  The FTSE 100 was up 0.8%, also boosted by Rentokil, which saw its shares climb 15% after activist investor Nelson Peltz took a stake in the company.

In corporate news, Halma is up 8% after beating full-year revenue and profit estimates. BT Group rose following Carlos Slim's acquisition of a 3.16% stake, while Crest Nicholson dropped 12% after warning of a significant profit drop.

Virgin Money UK reported an 18% rise in pretax profit but warned of higher costs due to the Nationwide deal, while PayPoint reported revenue that surged 83% and announced a three-year share buyback program. Wise's revenue jumped 24%, with pretax profit more than tripling.

In other news, Prime Minister Rishi Sunak announced up to £242 million in bilateral assistance to Ukraine at the G7 summit.

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