Geopolitical tensions, central bank decisions and key economic data releases are all competing for investors' attention. In this week's episode of PERSPECTIVES, Markus Müller, the Private Bank's Global Head of the CIO Office and Chief Investment Officer for Sustainability, discusses the renewed Iran conflict, the outlook for inflation and growth, and what investors should watch in the week ahead. Markus notes that the Chief Investment Office's "main scenario has always been that any ceasefire will be a fragile one", while emphasising that "global fixed income markets and energy prices are still the most sensitive to day-to-day conflict development". Looking ahead, investors will be closely watching US growth and inflation data, alongside inflation readings from Europe and Japan and PMI data from China. Markus also highlights the potential longer-term implications of a possible "Super El Niño”, warning that its economic and inflationary effects could extend well beyond this year. For more investing insights, please visit wealth.db.com Subscribe to Markus’s “Talking Transformation” newsletter here. 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
