Market overview: UK stocks trim earlier losses

1615: The FTSE 100 has bounced off its lowest levels of the day and is now trading down just 27 points at 6,603 as mining stocks trim earlier losses. While the sector is still trading in the red (-1.05%), precious metals producers Randgold, Petropavlovsk and Polymetal have pushed into positive territory.

1525: IAG has said it carried 7.9m passengers in June, up 9.1% from 7.1m a year ago, while the load factor improved to 83.7% from 82.7% in June 2014.

1302: The banking sector is providing a drag on the Footsie after Brazil's antitrust agency accused 15 global banks of rigging the Brazilian currency. CADE is investigating banks such as HSBC, Barclays, Deutsche Bank and Standard Chartered over suspicions they worked together to manipulate the exchange rate of the real, deterring competitors from the market between 2007 and 2013.

1113: Mining stocks are firmly lower this morning, including BHP Billiton, Glencore and Anglo American. Anglo was making headlines after a report in Reuters said it may be cutting as much as 20% of its workforce at its head offices around the world.

0952: Shares in FirstGroup are down 3% after UBS downgraded the stock to ‘sell’ from ‘neutral’, pointing to the recent strong rally in the share price to a level above its fair value.

0937: The Markit/CIPS UK services PMI rose to 58.5 in June after posting a five-moth low of 56.5 in May, beating the 57.5 consensus forecast. However, data revealed that growth rates for new business and employment eased slightly, while backlogs of work fell for the first time since March 2013.

0845: Royal Bank of Scotland is in the red on reports that it faces a $13bn claim over allegations regarding its actions before the 2008 crisis. The bank was involved in a long running case in a US court over how it packaged mortgage bonds and sold them to government lenders overseen by the Federal Housing Finance Agency.

0830: UK stocks have opened with small losses ahead of what is set to be a quiet session - the UK and Eurozone services PMIs are the only major economic data releases, while US markets will be closed for a bank holiday. Instead, investor sentiment was likely to be driven by developments in Athens, as the latest polls suggest that the result of Sunday’s vote is too close to call. The FTSE 100 was trading around 0.2% lower, with RBS and a host of mining stocks providing a drag.