Market overview: Some traders sceptical on Greece

1328: Commenting on the recent headlines coming out of Greece one trader writes: “ When Tsipras says : committed to fulfill our targets, we would prefer : committed to fulfill your targets…”.

1314: “Anything is possible in the short run, but we see little reason for Brent to revisit YTD lows. More likely, we would expect to see a modest price recovery from here followed by range-bound prices for second half 2015 as the market continues to work through supply overhangs.” Nevertheless, “with macro concerns about contagion risks from a Grexitand a China hard landing growing, it's understandable that consensus is increasingly worried that this key supportive factor could erode in 2H15,adding to the numerous headwinds for oil markets,” analysts at Morgan Stanley wrote in a research note e-mailed to clients.

1045: Markets are holding on to gains with just 15 minutes to go until George Osborne begins his budget speech to the House of Commons. “As usual, most of the big surprises in the Budget have been announced ahead of the big day, but there is still the chance that Mr Osborne will produce another rabbit from his red briefcase to provide some extra bounce to his poll ratings,” said IG analyst Chris Beauchamp. The FTSE 100 is up 0.5% at 6,464.

0903: The FTSE 100 is up 0.38% at 6,456.90, after settling at 6,432.21 on Tuesday, its lowest since 16 January. However, gains are only modest due to falls in the heavyweight mining sector.“Yet another calamitous fall in the Chinese stock market is continuing to lay waste to the commodity sector, with gold, silver, copper and Brent crude all in line for another day of hefty losses,” said Spreadex analyst Connor Campbell. “The drag this causes on the FTSE’s commodity stocks is obvious, so the UK index will be up against it if it wants to climb to some gains this Wednesday.”

0830: Barclays shares are rising after the departure of chief executive Antony Jenkins, with the bank saying that “a change in leadership is required” and the search for his successor was underway. Chairman John McFarlane will become executive chairman pending the appointment of a new CEO.

0820: UK stocks are edging higher this morning despite another sell-off in China overnight as investors await George Osborne’s budget statement. Chinese stocks suffered another bout of panic selling on Wednesday with the Hang Seng down 7.5% and the Shanghai Composite dropping 5.9% despite measures by the government to stabilise markets. A fresh wave of China-listed companies announced trading halts before the open, taking the total to around 1,300 or 45% of the country’s listed stocks.