AstraZeneca gets FDA approval for lung cancer treatment

London open

City sources predict the FTSE 100 will open 4 points higher than Monday's close of 6,737.95.

Stocks to watch

AstraZeneca’s Iressa drug, which is used in the treatment of metastatic non-small cell lung cancer (NSCLC), has been approved by the US Food and Drug Administration.

Iressa is approved in 91 countries for the treatment of adult patients with locally advanced or metastatic epidermal growth factor receptor mutation-positive NSCLC, which is the most common type of lung cancer

Miner BHP Billiton reported that director Sir John Buchanan died on Monday, having served on the board from 2003 up until the time of his death. Buchanan, who was the senior independent director of Anglo-Australian giant, "provided wise counsel to his fellow directors and to management, and made an invaluable contribution to BHP Billiton," said chairman Jac Nasser.

In the press

Greek Prime Minister Alexis Tsipras returned to Athens yesterday facing a rebellion within his government after he accepted the most intrusive programme ever mounted by the European Union as the price for a new €86bn bailout to keep Greece in the Eurozone, the Financial Times reported.

A fleet of tankers is poised to pour 40m barrels of oil into an overflowing global market as talks over Iran’s nuclear programme and the end of sanctions edge to a conclusion. The Times reports that the overhang of Iranian crude ready to be sold by the cash-strapped regime in Tehran would add to a supply glut that led to a collapse in prices last year, in what was a boost for consumers in the developed world but a hammer blow for poorer countries dependent on oil.

The new surcharge on banks’ profits will cut lending to small businesses by £10bn and should be changed, according to a letter from 15 challenger bank bosses to the Chancellor. The group has demanded a meeting with George Osborne to express fury about the new tax announced in the budget on all banks making more than £25m a year, drawing in small lenders and building societies, The Times reported.

US close

US stocks closed firmly in the black on Monday after Eurozone leaders agreed to a third bailout programme for Greece.

The Dow Jones Industrial Average closed up 217 points to 17,977.68, while the S&P 500 and the Nasdaq gained 23 and 74 points respectively.

Master limited partnership MPLX LP slumped 14.5% after announcing it intends to buy MarkWest Energy Partners LP for about $15.8bn. Oil and gas industry services providers Halliburton and Baker Hughes rose 1.28% and 0.99% respectively after both