London pre-open: Flat start expected, Greek talks in focus

LONDON (ShareCast) - UK stock markets are set for a subdued start on Friday morning as investors focus on Greek debt talks on a quiet day for corporate news. City sources predict the FTSE 100 will open more or less flat on Thursday's close of 7,060.45. The index had pulled back the previous session from Wednesday's record closing high of 7,096.78.

All eyes are on Greece as its debt crisis dominates proceedings at the International Monetary Fund-World Bank spring meetings in Washington.

Pierre Moscovici, European Commissioner for economic and financial affairs, said there is no Plan B for Greece regarding a deal over a rescue package.

Meanwhile, IMF managing director Christine Lagarde denied speculation that the IMF was willing to grant a delay on the repayment of loans due next month.

Meanwhile, Greek finance minister Yanis Varoufakis said: "We will compromise, we will compromise and we will compromise in order to come to a speedy agreement but we are not going to end up 'being' compromised." Stocks to watch Astrazeneca (Swiss: AZN.SW - news) 's eye cancer treatment, selumetinib, has been given 'orphan drug' status by US regulators, which should smooth its path to full approval. The product would be the first in the world to treat uveal melanoma, in which cancer cells form in eyeball tissue, the drug group said.

Mediterranean-focused explorer Sound Oil (LSE: SOU.L - news) r eiterated its expectation for its Nervesa gas discovery to reach commercial production this year after receiving the environmental approval for the Italian project. The AIM-listed company on Friday announced the receipt of the final approval of the environment impact assessment (EIA) for Nervesa from the Veneto Region. The award of the field production concession from the Italian Ministry of Economic Development is expected to follow shortly, it said.