CIO Weekly Investment Outlook Deutsche Bank

In this week’s CIO Weekly Investment Outlook podcast, the Private Bank’s Chief Investment Officer for Europe, Middle East and Africa, Dr. Dirk Steffen, considers the outlook for the European economy and European stocks after the ECB's decision to get ahead of the Federal Reserve and begin to bring rates down. 
Dirk says that the rate cut doesn't mean the ECB will move quickly. "It will be a small and smooth and cautious cycle", Dirk says. "And that essentially means that here we are dealing with higher-for-longer rates, or relatively elevated rates. And this is in our view actually quite positive for the markets."
In the week to come, the Federal Reserve’s policy decision will be on investors' radar, along with a fresh reading of the inflation picture in the U.S. And markets are still digesting critical elections in India and Mexico.
For more investing insights, please visit deutschewealth.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. © 2024 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 

In this week’s CIO Weekly Investment Outlook podcast, the Private Bank’s Chief Investment Officer in APAC, Stefanie Holtze-Jen, discusses softer U.S. GDP data, EU inflation and central bank signals in the U.S., EU, Japan, India and China.
In the U.S., nonfarm payroll data will be closely watched, and on Thursday the ECB is widely expected to cut rates by 25 basis points. Stefanie says it will be important to closely monitor the communications from the ECB press conference for signals about future policy.
In Asia, India’s election and China and Japan’s currencies are also in focus. Stefanie discusses different modes of central bank currency intervention as both these Asian giants battle weak currencies.
Tune in and listen to Stefanie’s key thoughts for the week ahead.
For more investing insights, please visit deutschewealth.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. © 2024 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 

In this week's Investment Outlook podcast, Global Chief Investment Officer Christian Nolting shares his quick takes on the earnings season, the Federal Reserve's meeting minutes, and what recent data tell us about the Eurozone economy.
The focus on price pressures in the Fed minutes mean that "if inflation would start to pick up, the Fed probably would have to hike rates", he said. But Christian still expects the Fed to begin lowering rates in the second half of the year. Looking at the ECB, he anticipates a rate cut in June, and says "everything else would be a massive surprise".
Finally, Christian elaborates on the price jumps of both copper and gold this year. "The current inflationary environment of 2-4% is a nice environment for gold", he says. But even as prices pressures ease, industrial metals like copper could continue to benefit, as "there's more demand for infrastructure, such as data centres".
For more investing insights, please visit deutschewealth.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. © 2024 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 

In this week’s CIO Weekly Investment Outlook podcast, the Private Bank’s Chief Investment Strategist and CIO for EMEA, Dirk Steffen, considers a mixed bag of economic data out of China and what it could mean for the country's equities – which have only recently returned to bull-market territory. Looking to the U.S., Dirk reflects on the latest inflation figures and sees a bright spot "that's actually giving the Fed some flexibility" on coming policy decisions. Corporate earnings however will remain the main driver for stocks, he says, and a solid second quarter in Europe offers potential for further positive momentum in the region.
The U.S. central bank will again be in the spotlight in the week ahead when the Federal Reserve releases the minutes from its recent meeting, though investors will have a wealth of economic data to consider as well.
For more investing insights, please visit deutschewealth.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. © 2024 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 

In this week's Investment Outlook podcast, Deepak Puri, our Chief Investment Officer for the Americas, summarises the market developments and says: “After a disappointing April, May started on a stronger footing – much of this is due to the Fed meeting on May 1st."
As the first quarter earnings season draws to a close, Deepak also shares his assessment of the performance and outlook, sharing that the season has been "one of the silver linings" of the year so far. Earnings growth came in better than expected, while the Discretionary, Communication Services and Technology sectors remain the biggest drivers.
After a weaker week of economic releases, this week will be one to watch closely: with the upcoming release of the Consumer Price Index and retail sales reflecting consumer strength, we will see some data points that have the potential to steer the next Fed interest rates decision.
For more investing insights, please visit deutschewealth.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. © 2024 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 

In this week’s CIO Weekly Investment Outlook podcast, the Private Bank’s Chief Investment Officer in APAC, Stefanie Holtze-Jen, discusses the message from Federal Reserve Chair Jay Powell for markets.
Stefanie also discusses key developments in Asia including intervention for the Japanese Yen, and drivers of Japanese equities.
Shedding light on Greater China developments, Stefanie points to the steps from China’s CSRC that aims to encourage more mainland IPOs to list in Hong Kong, which is contributing to the Hang Seng reaching new highs.
To coincide with the Private Bank hosting its first Emerging Market Family Office Forum in Singapore, Stefanie also highlights our latest CIO special report examining the country's medium-term outlook and its family office ecosystem.
For more investing insights, please visit deutschewealth.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. © 2024 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