Nico Rosberg is back out on the circuit after a spell in the pits as his Mercedes was checked over following that brief contact with the barriers earlier. No damage done, reports Allan McNish, who refers to Rosberg's incident as "a bit of a smooch".

Rosberg takes full advantage of the clear track to jump up to third fastest with 1:22.449.

Image source, Getty Images

McLaren driver Fernando Alonso has had a more productive session than his team-mate Jenson Button so far this morning. He had the sixth fastest time at one point with 1:23.744, but has now dropped outside of the top 10.

Speaking of making F1 more entertaining and feels the planned rule changes, Alonso suggests that is an admission the sport has been going "in the wrong direction".

"If the [the rule changes] happen, we will get rules like seven or eight years ago," he said. "For the last four or five years we've been going in the wrong direction."

Danny Taylor: Running the season through the winter. The #RussianGP and #AustrianGP would be very interesting with a bit of ice #bbcf1

James Bray: Have someone sitting on the rear wing, spitting fuel into the engine to get a boost. More exciting than DRS.

Simon Rudd: Have you seen the film death race!! Seriously though get back to the early 90's cars make it about the driver.

"I have zero grip on the front," relays Felipe Massa over team radio, something a few drivers seem to be struggling with as Valtteri Bottas takes a brief detour off the circuit at Turn One.

Massa's best effort so far is 1:27.074, the 15th best with just under 30 minutes gone.

Image source, Adam Hay Nicholls

A track side seat for Monaco Grand Prix is the hottest ticket in town, but one erstwhile fan has taken impressive measures to secure his viewing position.

Metro F1 journalist Adam Hay Nicholls tweeted this picture, external of a bench with nails pointing upwards, meaning you can only sit on it if you happen to have a hammer handy, or are one of those characters capable of lying on a bed of nails.

Image source, Formula 1

Sparks are flying as Lewis Hamilton continues to the lead the way. Meanwhile, following on from Nico Rosberg's little contact with the barrier, Kimi Raikkonen, currently fourth fastest, locks up coming out of the swimming pool section before Felipe Nasr runs wide at Turn One.

Lewis Hamilton is out with soft tyres bolted on his Mercedes and improves his P1 time with a 1:22.103. Several other drivers, also on the soft tyres, have clocked their first timed efforts and Daniel Ricciardo goes second fastest with a time 1.6s down on Hamilton's best.

Nico Rosberg, meanwhile, has a bit of a wiggle and glances the barriers, pitting immediately afterwards as a result.

Jennie Gow
BBC Radio 5 live pit-lane reporter in Monaco

"Speaking to McLaren they are telling me they are finishing a systems check on Jenson Button's car. That is what they are saying and that is why it is up in the air, but I am sure it is a little frustrating that everyone else has been out."

Andrew Benson
Chief F1 writer in Monaco

"This is an event to be savoured, but in one unfortunate way this year's Monaco race brings back some poignant memories. It was here last year that Jules Bianchi scored Manor Marussia's first and only points, with a superb ninth place finish. By rights, the Frenchman should be racing this weekend for Sauber, as that is what had been agreed last year.

"As it is, Bianchi remains in a coma in hospital in Nice with the head injuries he suffered in his crash during last year's Japanese Grand Prix.

"McLaren's Fernando Alonso, who knew Bianchi well because of their relationship with Ferrari, paid tribute to his former colleague's achievement a year ago. 'When you are in a car that is not competitive to get some points is some kind of miracle and it is what Jules did here,' Alonso said. 'Ninth place here. To come here again and not see him together with us is very sad but it is not only here we remember him, it is every weekend, but here it is a little more difficult. He is in Nice, he is half an hour away, so hopefully he can hear some extra power we send him.'"

Image source, Ian Parkes/Twitter

This will be an emotional weekend for the Manor F1 team.

One year ago Jules Bianchi, at present hospitalised after a horrific crash in the 2014 Japanese GP, secured eighth place for the team, then known as Marussia, in Monaco.

It remains their only points finish in five-and-a-half years in the sport and Manor F1 will pay tribute to Bianchi with specially-commissioned wristbands carrying the words 'MONACO 2014. P8. #JB17'.

The Manors of Will Stevens and Roberto Merhi are the only cars out on the circuit at the moment, with everyone else back in the pits. All the drivers have been out on the circuit this morning apart from Jenson Button, whose McLaren is on the jacks.

Image source, Getty Images

Lewis Hamilton doesn't need reminding of a little tiff between himself and Nico Rosberg in qualifying for last year's Monaco Grand Prix, but he was any way in Wednesday's news conference.

A mistake by Rosberg saw him miss a corner and take an escape road, causing a yellow flag and forcing Hamilton to slow down, preventing him from challenging his Mercedes team-mate's pole time.

"I'm confident that last year's episode will not re-occur and so I don't feel pressured either way," says Hamilton. "I'm just going with the mindset of trying to be even better than I was last year and do a better lap."

Everyone headed straight back into the pits after their installation laps, except for Lewis Hamilton and Nico Rosberg.

They stayed out to complete flying laps and Rosberg sets the first time of the day with 1:33.180s, before Hamilton swiftly pops into Pi with 1:27.842.

Image source, Getty Images

Monaco is steeped in history and today is particularly significant because, on this day in 1950, the first ever Monaco Grand Prix was won by Juan Manuel Fangio, driving for Alfa Romeo.

There's still a few dark patches but the track looks to be drying up quickly as the sun muscles its way between the clouds to beam down on the circuit. Everyone is out on intermediates.

The circuit is open and first practice for the Monaco GP is under way. Straight away there's a stream of cars venturing out on to the circuit for an exploratory lap.

Image source, Getty Images

Lewis Hamilton will no doubt be desperate to get back to winning ways this weekend, after seeing his championship lead cut to 20 points by team-mate Nico Rosberg, who won in Barcelona last time out.

That, though, will be easier said than done considering Rosberg looks to have got driving round this circuit nailed.

He has converted pole into victory in each of the last two Monaco GPs, and a third win there this weekend would certainly make the title race very spicy indeed.

Andrew Benson
Chief F1 writer in Monaco

"Everywhere you look in Monaco, there is a reminder that this race is something unique. And in his pre-event news conference, Nico Rosberg provided another. "A lot of memories," said the Mercedes driver. "My mum always drove me to school through the tunnel so my way to school is the race track.

"'My school was right above the paddock here on the first floor so every year there would be a couple of days when the paddock was built up and Thursday/Friday we would be at school and everybody would be working on the cars and at the time the cars were still here and you had to push them up and I wasn't listening at all those two days. Normally I would be. Just looking at the F1 cars down below. Hakkinen, Coulthard especially in the McLaren at the time.

"'And just it was always so fascinating for me to see the grand prix come to my city here. To think I am now racing and having a chance to win is very spectacular."

Allan McNish
BBC Radio 5 live analyst

"For many of the drivers, Monaco is a home grand prix - Lewis Hamilton, Nico Rosberg, Jenson Button, Daniel Ricciardo and Felipe Massa are just some of the drivers who live there year-round.

"That brings its own comforts - you can sleep in your own bed at night, rather than a hotel, for example.

"But there is another side to it. Just as every driver wants to win Monaco, every fan wants to go there. And quite right, too. There is, quite simply, nothing else like it."

Read more from Allan McNish in his column about the race that is "like nowhere else on Earth".