Commodity stocks are still carrying the blue-chip index this morning, which was up 0.1%.at 8.30am. Oil and metal prices keep rising due to concerns about supply disruption to the political instability in Russia.

Investors are keeping an eye on short-term gilts, as yields reached another 15-year high yesterday before retreating slightly.

China-exposed banks such as HSBC and Standard Chartered are up after China's Premier Li Qiang said that the country's economic growth in the second quarter will be higher than the first. For the whole of 2023, authorities are forecasting a 5% growth.

Things to read today:

Bets on bond renaissance frustrated by stubbornly high inflation (Financial Times)

BOE Set to Tip UK Into Recession by Year End (Bloomberg)