Munich Re adjusts earnings forecast
Shares of Munich Re are lower in pre-market trade, after the reinsurer lowered its insurance revenue forecast for 2025. The group cited foreign exchange and business developments, but second-quarter net profit still came in above expectations.
— Michael Considine
The UK government won’t admit it, but tax rises are coming
Britain’s Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves on June 23, 2025.
Jacob King | Pool | Afp | Getty Images
The U.K. government is loathe to admit it, but economists say it’s highly likely that the Treasury will have to hike taxes in the fall if it is to bung a black hole in the public finances that it has effectively created for itself.
The National Institute of Economic and Social Research (NIESR) is the latest economic think tank to warn that taxes would have to rise later this year if British Chancellor Rachel Reeves is to meet her self-imposed “fiscal rules.”
Read more from CNBC’s Holly Ellyatt here.
What’s been happening in global markets
A street sign is seen near the New York Stock Exchange (NYSE) in New York City, New York, U.S., August 7, 2025.
Eduardo Munoz | Reuters
Opening calls
An aerial view of central London.
Henry Nicholls | Afp | Getty Images
Hello from London.
Regional indexes look set for a muted open this morning, with futures tied to the FTSE 100 and Germany’s DAX trading flat, while those tied to the French CAC 40 were last seen trading 0.2% higher.
Euro Stoxx 50 futures are little changed.
European shares ended Thursday’s session higher after Moscow confirmed Russian President Vladimir Putin was scheduled to meet with U.S. counterpart Donald Trump within days.
— Chloe Taylor