According to the Financial Times, UK Prime Minister-elect Burnham will uphold Labour’s controversial ban on new North Sea exploration licences, dashing the oil and gas industry’s hopes that the government might significantly revise its fossil fuel policies.

"Federal Reserve mouthpiece" Nick Timiraos: Based on forecasts that convert PPI and CPI data to the PCE measure, it is expected that the US core PCE in June will moderately increase by 0.18% (up 3.3% year-on-year), marking the lowest monthly growth since last November. The overall PCE for June is expected to decline by 0.07%, bringing the 12-month year-on-year increase down to 3.7%.

AMC Theatres (AMC.US) rose nearly 14% in pre-market trading as the company reported second quarter adjusted earnings per share that exceeded expectations.

Hut 8 surges over 11% pre-market after announcing the signing of a second 15-year computing power leasing agreement with a total value of $9.8 billion, achieving full-scale commercial operations.

Mizuho Bank initiates coverage on BP (BP.US) with an Outperform rating and a target price of $51.