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Updated 02/02/2022
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Updated 13/02/2025
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Updated 30/06/2022
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Updated 01/12/2025

4 DAYS AGO

The price of oil explained

Global oil prices are fluctuating wildly, driven by the war in the Middle East and disruption in the Strait of Hormuz. Despite a ceasefire deal being announced, uncertainty remains. In this episode – recorded on 1 April 2026 – we take a step back and unpack what moves oil prices and how the global oil market works. Chris Kenny, our Head of Energy Trading, and Michael Hsueh, Senior Research Analyst at Deutsche Bank, join host Michael Steen to discuss all this and more. 01:42 – How the global oil market works and oil prices are set 04:46 – The ongoing disruption in the Strait of Hormuz, its impact on prices and the wider economy, and how it compares to previous oil crises 10:26 – Our role as an investment bank in the oil market and the support clients are looking for in this highly volatile environment 14:33 – How the oil market has changed over the years and our guests’ thoughts on the impact that today’s crisis might have 29:08 – What our guests are dedicated to in their daily lives Deutsche Bank website http://www.db.com Deutsche Bank Research Institute Deutsche Bank Research Institute

4 days ago

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32 min
1 DAY AGO

Markets fixed on Iran as earnings season approaches

Markets bounced higher when the Iran ceasefire took place, but the situation remains uncertain, and many assets are likely to remain volatile, says Dr. Jacky Tang, the Private Bank's emerging markets CIO. "What we are probably getting here is a fragile stabilisation, not a clean resolution”, Jacky says. “So even if the ceasefire holds on paper, markets will still want proof that things are working in practice.” He says oil prices are likely to remain above pre-conflict levels until markets see practical evidence that the Strait of Hormuz has reopened, in the form of things like tanker traffic and insurance availability. Central banks are likely to remain cautious while they wait to see what the inflation picture looks like as energy prices feed through the economy, Jacky says, though that will not necessarily mean a U-turn on policy. Meanwhile, corporate earnings season for the first quarter is about to kick off, and Jacky says that what companies have to say about their businesses may be at least as important to markets as whether they hit their targets. "Going into this Q1 earnings season, I think the numbers still look pretty decent. Expectations for revenue and profit growth are still holding up pretty well at this point." For more investing insights, please visit wealth.db.com. In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk. The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany’s Federal Financial Supervisory Authority (BaFin) and by Germany’s central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States. Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group. The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2026 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121

1 day ago

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16 min
6 MAR

Gold and silver: what’s driving the precious metals market?

Precious metals have long been seen as a store of value – gold once backed currencies and central banks still store bullion in their vaults. In times of uncertainty, these metals often move to the centre of financial markets. Right now, they’re doing exactly that – although not exactly the way you might think. In this episode, Michael Hsueh, Senior Research Analyst, and Rob Abel, from our Metals Sales and Structuring team, join host Michael Steen to talk all about the market for precious metals. How does it work? What’s driving the gold and silver price right now? And is this rally just another cycle - or part of something much bigger? 01:45 – What the four precious metals are and how the global market works. 05:47 – What has happened to the price of gold and silver in recent months, what has been driving those developments and what has it meant for the idea of gold as a safe haven. 13:59 – The day-to-day workings of the precious metals market – who is buying gold and silver across the world, what clients can do in the face of price volatility, and how metals trading has changed over the years. 21:40 – What might come next 25:37 – What our guests are dedicated to in their daily lives Deutsche Bank website http://www.db.com

6 Mar

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28 min
23 JAN

Smarter, faster…riskier? Bringing AI into banking.

Artificial intelligence is reshaping the world of risk management - transforming how banks assess information, detect threats and serve clients. But if you're trying to manage your bank's risk, it has some clear downsides as well as upsides. In this episode of This is Deutsche Bank, Marcus Chromik, Chief Risk Officer and Management Board member, speaks to host Michael Steen about why he thinks AI is set to change the risk function more profoundly than past crises and where the human fits into all of it. 01:17 – What being a Chief Risk Officer entails and how AI is transforming the risk function 06:08 – How we are using AI at Deutsche Bank, such as in credit analysis, and what this shift means for recruitment and the skillsets needed to work in banking 13:49 – How to handle the risks that we see from AI in banking and the importance of keeping the human in the loop 18:54 – Fostering the right risk culture in the AI era and what the divergences in the regulatory approaches across the globe mean for AI use in a global bank. 22:12 – What Marcus is dedicated to in his daily life Deutsche Bank website http://www.db.com

23 Jan

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24 min
14/12/2025

Positioning for the New Year

In our final episode of 2025, Christian Nolting, the Private Bank’s Global Chief Investment Officer, sounds an optimistic note for markets in the New Year. “We’ve now seen three very good years” in markets, Christian says. “I think in ‘26, there might be some more volatility coming up. But overall, I would say the macroeconomic backdrop is a positive one.” The Federal Reserve just delivered a rate cut, and the market is expecting more in 2026, Christian says. But in the week ahead, markets will be alert to the delayed US jobs data. The official numbers “will be very important for the US because there was some weakness in the labour market.” For more investing insights, please visit wealth.db.com. In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk. The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany’s Federal Financial Supervisory Authority (BaFin) and by Germany’s central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States. Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group. The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2025 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121

14/12/2025

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9 min
22 FEB

Supreme Court strikes down tariffs: what’s next for markets?

The US Supreme Court ruled that a broad swath of President Trump’s tariffs are illegal, but there is still much to sort out after the decision, says Deepak Puri, the Private Bank’s Chief Investment Officer for the Americas. “It's not the time to really change your asset allocation or portfolio construction, because I feel that a lot of this was already sort of baked into the market reaction,” Deepak says. “I don't think last Friday's decision really rules out or addresses the issue of potential refunds, which is what the market really wants more clarity on. But if made, those refunds could total around $170 billion. So there might be some uncertainty there.” In the week ahead, some key earnings reports are likely to get a lot of attention, Deepak says. “The bulk of the fourth-quarter earnings is behind us, but still some of the key players are going to be reporting this week” he says, noting some major technology names. But for the year ahead, “The key question is going to be whether the trend of the strongest earnings growth that we have seen in the technology sector stays with us in 2026.” For more investing insights, please visit wealth.db.com. In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk. The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany’s Federal Financial Supervisory Authority (BaFin) and by Germany’s central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States. Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group. The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2026 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121

22 Feb

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13 min
11 JAN

A strong start for markets

Markets started the year from a position of strength despite some geopolitical instability, says Christian Nolting, the Private Bank’s Global Chief Investment Officer. Oil prices shuddered after the US military operation in Venezuela, but “one of our topics for this year is discipline instead of drama”, Christian says. “And from that perspective, we don't need to change at this point in time our investment strategy.” The bond market has had a busy start to the year, and Christian says this is to be expected as companies often wait until January to address their funding needs. “We do still like the investment grade corporate bonds more than the high yield.” And in the week to come, Christian says that US inflation figures are likely to get a lot of attention, both because of what they mean for the cost of living and for their implications on Federal Reserve policy to come. For more investing insights, please visit wealth.db.com. In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk. The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany’s Federal Financial Supervisory Authority (BaFin) and by Germany’s central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States. Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group. The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2026 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121

11 Jan

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9 min
22 MAR

Central banks take a wait-and-see approach

Energy prices have continued to jump, but that might not be a lasting effect of the Middle East conflict – if the fighting doesn’t spread, says Markus Müller, the Private Bank's head of the CIO office and Chief Investment Officer for Sustainability. “A prolonged disruption of oil supply from the Gulf remains unlikely as historically such blockades are difficult to sustain”, Markus says. “Energy markets could swing on any headline, but at the same time we’re mindful that geopolitical shocks historically tend to cause short-lived market turbulence.” A series of policy decisions from central banks last week meanwhile suggested that they will be keeping an eye on economic data before making any moves to cut rates. “Overall, it seems fair to say that central banks are likely to stay cautious for a while yet”, Markus says. In the week ahead, he says he’ll be watching for European data on the mood among consumers, and for the results of Treasury auctions in the US. For more investing insights, please visit wealth.db.com. In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk. The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany’s Federal Financial Supervisory Authority (BaFin) and by Germany’s central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States. Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group. The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2026 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121

22 Mar

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14 min
11/03/2025

Revamping treasury reporting at MANN+HUMMEL

Getting access to high-quality and consistent data is key for steering a treasury department. Only if you have a well-structured reporting landscape, you can achieve transparency on liquidity, cash and FX risks and make informed decisions on financing, investing, and hedging. This is why “improving treasury reporting has been in the back of mind since I joined MANN+HUMMEL five years ago”, says Dominik Paschinger, Vice President Group Treasury & Risk Management. MANN+HUMMEL is a family-owned German filtration company which generated a turnover of €4.7bn across its 80 locations globally in 2023. According to Paschinger the current reporting structure based on excel sheets is not ideal: “The process is very manual, and we have access to a lot of data which we never use for reporting purposes.” Last year, his team then finally had the capacities to put a revamp of the reporting structure on the agenda. “We set down with entire treasury team to develop a target structure for the treasury function in 2030 which we called ‘Shaping a future-proof treasury',” he explains. And one key element of this vision was to define how the treasury reporting should look like. So how does this vision look like and how far has his team come since then? What kind of information will his team and MANN+HUMMEL’s top management be able to source from these newly built dashboards? And what role does artificial intelligence (AI) play? Tune into the podcast and get Paschinger’s insights here:

11/03/2025

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19 min
14/06/2021

The Great Inflation Debate

While the Federal Reserve Chairman and White House Council of Economic Advisors have done their best to communicate their view that inflation is not a concern, and likely transitory, not everyone is convinced. The historic level of stimulus injected into the economy, combined with an expected jump in consumer spending could have a lasting effect. Dan Hunter hosts a conversation with experts from opposite sides of the fence, who will do their best to persuade you of their perspective. Representing the view that inflation will be transitory is Deutsche Bank's Peter Hooper, and taking the perspective that inflation is here to stay is Jim Reid.

14/06/2021

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26 min

What moves the financial world? In our podcasts, we look beyond the horizon. We give insights, talk about success stories and discuss the opportunities and risks for banking in the future. Find out more at db.com and on our social media channels. Was bewegt die Finanzwelt? In unseren Podcasts blicken wir über den Tellerrand hinaus. Es geht um Hintergründe, Erfolgsgeschichten und die Chancen und Risiken für das Bankwesen in der Zukunft. Mehr gibt es auf db.com und auf unseren Social-Media-Kanälen.