The FTSE 100 jumped 0.7% this morning, after data from the Office for National Statistics showed the GDP remained flat between March and April. Industrial production fell by 0.9% on a monthly basis, and the trade deficit widened to £6.75 billion. Investors are hoping that the weak figures will prompt the Bank of England to cut interest rates in an effort to stimulate the economy.

Investors are also awaiting U.S. inflation data and the Federal Reserve's monetary policy decision later in the day, although no change is expected.

Among stocks, Legal & General announced a restructuring plan focused on three core divisions: Institutional Retirement, Asset Management, and Retail. The company also revealed a £200 million share buyback and plans for dividend growth. CEO Antonio Simoes aims to simplify and better connect the business, targeting 6% to 9% core operating earnings per share growth from 2024 to 2027.

Shares of Rentokil Initial soared 16% after reports that Nelson Peltz's Trian Fund Management had acquired a significant stake in the pest-control firm. Peltz, known for pushing strategic changes in large firms, has previously influenced companies like Walt Disney and Unilever.

Safestore reported a 68% rise in pretax profit to GBP173.7 million for the six months ended April 30, despite a slight revenue decline.

Things to read today: