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Direct from the Chief Investment Office (CIO) of Deutsche Bank's Private Bank, this Weekly Investment Outlook is designed to brief you on our views about the week ahead. Each week, a senior member of our CIO team will summarise the most significant events we expect to take place over the coming days, how these might affect the markets and what the broader implications might be for the global economy.
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US midterm elections, AI, and the Fed
The US midterm election takes centre stage this week, and the outcome will have a big impact on markets for a long time, says Markus Müller, the Private Bank's head of the CIO office and Chief Investment Officer for Sustainability. “The int
A big week for central banks, but earnings still dominate
The Federal Reserve, the European Central Bank, and the Bank of Japan are all due to make policy decisions, but the ongoing earnings season is still the key focus this week, says Christian Nolting, the Private Bank’s Global Chief Investment
Watching for earnings in a volatile environment
Markets have been volatile, with both tech shares and bond yields wobbling – and EMEA CIO Dr. Dirk Steffen says there are a lot of reasons behind it, including political uncertainty. "Let’s not forget we’re heading into a period ahead of th
EU-China trade, energy prices, and inflation data
A summit of European leaders this week is likely to focus on the EU-China trade relationship, says Dr. Jacky Tang, the Private Bank’s CIO for emerging markets. “Europe is becoming more cautious about China. But that's also different from sa
Fed minutes in focus after a rise in unemployment
Bond yields are up around the world, but maybe “bond rout” isn’t the best way to describe it, says Markus Müller, the Private Bank's head of the CIO office and Chief Investment Officer for Sustainability. “I would not really say ‘rout’, but
What will the Fed do ahead of US midterm elections?
The continued rise in consumer prices will have multiple effects going forward, notes Deepak Puri, the Private Bank’s Chief Investment Officer for the Americas, beyond the pressure it places on central-bank policy. “We are in the midst of a
The bond-yield surge goes global
Fixed income has taken the spotlight in financial markets, as yields have jumped just about everywhere — and there are several reasons behind the shift, says Christian Nolting, the Private Bank’s Global Chief Investment Officer. “Bonds have
Central bank spotlight, and an update on China’s economy
The Federal Reserve, the Bank of England, and the Bank of Japan are due to make rate decisions, and markets will be watching for confirmation that recent tremors in the bond market haven’t upended policy plans, says Dr. Jacky Tang, the Priv
Key takeaways from CIO Day: the outlook for equities
The Private Bank just held its quarterly exercise in updating its forecasts for markets and economies, and EMEA CIO Dr. Dirk Steffen says that expectations for stocks remain strong. "The main takeaway from our CIO day was our constructive t
Higher for longer… still
Looking ahead from the Jackson Hole Symposium, the rate trajectory is the most important question for the remaining months of 2026, says Christian Nolting, Private Bank's Global CIO. "Because we see energy prices still elevated which is unl
Watching for the Fed’s preferred inflation gauge
Yields on long-end U.S. Treasuries have recently climbed to multi-year highs, and it’s a pattern that is being seen around the world, notes Deepak Puri, the Private Bank’s Chief Investment Officer for the Americas. “This is not just only a
Beyond Iran: why investors remain optimistic
Geopolitical tensions have continued to dominate headlines in recent weeks, but markets appear to be taking a broader view. In this week's edition of the CIO Weekly Investment Outlook, Christian Nolting, Global Chief Investment Officer at D
Big earnings growth, and not just in the US
Big tech earnings in the US have stolen a lot of headlines, but that should not distract from gains being made in other sectors and regions, says Dr Dirk Steffen, the Private Bank’s EMEA CIO. “The rally this year is not solely based on arti
Volatility amid strong fundamentals
Stock markets have had some stumbles recently, with selloffs in the technology sector followed by rapid recoveries, but the fundamentals of the AI rally have not changed, says Dr. Jacky Tang, the Private Bank’s CIO for emerging markets. “Th
Markets caught in the crosswinds
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 Inves
Watching for earnings from big tech, and their capex plans
Second-quarter earnings got off to a strong start in the US with solid results from big banks, but now markets will be focused on what the technology hyperscalers have to say about both earnings and their spending plans, says Dr. Dirk Steff
Earnings preview, and a new Fed chief makes his mark
Hostilities flared in the Middle East last week, and oil prices took note, but not to the degree that they did when the war began, says Deepak Puri, the Private Bank’s Chief Investment Officer for the Americas. “The clear transmission mecha
What to expect in the second half of 2026
The first half of 2026 saw markets power through a great deal of geopolitical uncertainty, and now earnings will be important to watch as the second half gets under way, says Christian Nolting, the Private Bank’s Global Chief Investment Off
