Podcasts about Deutsche Bundesbank

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 Deutsche Bank Private Bank, discusses why, despite ongoing uncertainty, "it's not all about the Iran situation" for investors.Christian explores the forces helping to support market sentiment, reflects on what has been a "stellar earnings season" so far, and explains why the full investment picture may be more nuanced than the headlines suggest. The conversation also examines recent developments in the Japanese yen, the challenges of influencing currency markets, and how investors should interpret the latest policy actions and signals from central banks.Looking ahead, Christian discusses why markets are paying close attention to the Federal Reserve's upcoming July meeting minutes and highlights several economic releases and policy decisions on his radar, from Europe to Asia. Even during the quieter summer trading period, investors will need to "watch this very, very closely".For more investing insights, please visit wealth.db.comIn 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

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 artificial intelligence and big tech companies. We have also other regions joining the earnings party,” Dirk says. “It's good to see this broadening out.”US inflation data is likely to take centre stage in the week ahead, Dirk says, as it will offer “a prelude to something more important we'll get next week, when we have a look at the minutes of the last Fed meeting.” That's because markets will be looking for more information on the Federal Reserve's latest rate decision and outlook.For more investing insights, please visit wealth.db.comIn 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

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. “The reality is these stocks have had incredible runs so far this year. So investors are constantly asking themselves whether they've become a little bit too optimistic,” Jacky says. “To me, this feels more like a market that's digesting the gains rather than a market that is losing its way.”In the week ahead, the US jobs report is likely to be the event to watch, particularly after recent debates around how much the Federal Reserve is willing to do to control inflation. “The market is obsessed with trying to figure out what the Fed would do next. And I think the jobs report is one of the biggest clues,” Jacky says. “The last payroll number came in softer than expected. So everyone is waiting to see whether it was just a temporary wobble or the start of a broader cooling trend.”For more investing insights, please visit wealth.db.comIn 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

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.comSubscribe to Markus's “Talking Transformation” newsletter here.For more investing insights, please visit wealth.db.comIn 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

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 Steffen, the Private Bank's EMEA CIO. "We're getting closer to 1 trillion, maybe in a year or so, a trillion dollars that will be spent by a handful of companies in terms of capex and tech investments,” Dirk says. “It will be very important to hear what these companies are telling us about what they're planning to do."In the fixed-income space, Dirk notes that a large wave of issuance from big technology firms earmarked for AI spending could be a factor keeping sovereign bond yields elevated. “This is leading to maybe a touch of less demand for sovereigns,” he says, noting that key market participants tend to favour corporate investment-grade bonds over their government counterparts.In the week ahead, a policy decision from the European Central Bank will be interesting to watch, even though it is widely expected that interest rates will remain unchanged. “It will be interesting to see how they judge the current situation, especially in light of the renewed rise in oil prices and what it means for European economies.”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

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 mechanism of those hostilities tends to be first oil and then it moves into the rates market,” Deepak says. “I think we need to live with this for some time to come.” Attention is likely to shift to corporate results as second-quarter reports start to roll in, starting this week with major US banks. “Earnings have been the brightest spot in the markets year-to-date,” Deepak says. “I'm expecting a good profitable quarter for the banks given how the quarter panned out, where we had some strong capital markets performance.”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

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 Officer. “We are positive for the markets because we think there's still some room to go for corporate earnings,” Christian says, noting that expectations for results are still quite high.Expectations for rate increases from the Federal Reserve have softened a bit since last week's monthly jobs report, which showed slower-than-expected hiring during the month of June. In the week ahead, Christian says he'll be keeping an eye on German factory orders data, as well as figures on Chinese inflation. 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

Uncertainty around the ultimate impact of AI on various business models has led to a degree of uneven stock performance, but there are certain sectors that could lead, says Deepak Puri, the Private Bank's Chief Investment Officer for the Americas. “We remain bullish on technology, communication services, industrials, materials, and healthcare.”There has been some complacency in energy markets since peace negotiations began between the US and Iran, Deepak argues, noting the need for damaged infrastructure to be repaired before oil flows can resume earlier levels. In the week ahead, “I think the focus will be squarely on the non-farm payroll reports,” he says, though he also points to a meeting in Portugal on central banking, where US Fed chief Kevin Warsh and European Central Bank President Christine Lagarde are both scheduled to speak.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

A relief rally followed the US-Iran preliminary peace deal, as “the agreement provides a clear relief for global energy markets”, says Dr. Jacky Tang, the Private Bank's CIO for emerging markets – though he notes that any stumbles in the peace process “could quickly reverse the recent decline in oil prices and also bring volatility back in the global markets.”Meanwhile, the first Federal Reserve policy decision under Chairman Kevin Warsh revealed a more hawkish position in light of recent inflation concerns. “While the Fed continues to signal a gradual easing path further out, I think the expected timing and the pace of the cut will be delayed to the first quarter of next year”, Jacky says.In light of this, an important item on this week's data calendar will be the Fed's preferred inflation gauge, though Jacky says he will also be keeping an eye on measures of business activity in the US and Europe.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

Record-topping IPOs in the technology sector do not necessarily mean it is time to radically alter portfolios, says Dr. Jacky Tang, the Private Bank's CIO for emerging markets. "I would be a bit cautious about assuming a mechanical rotation out of existing technology leaders. These companies remain highly cash generative and also central to index construction,” Jacky says. “I think any shift is more likely to be gradual and selective rather than an unexpected and very sudden move.”And while energy prices have remained elevated amid the Iran war, weaker demand from China has kept the price shock in check to some degree. “If Chinese import demand returns meaningfully, whether because inventories need to rebuild or domestic demand stabilises, I think that could tighten the global market again and also create a second round upward move in oil.”Policy decisions from central banks in the US and Japan will be important developments to watch this week, Jacky says. “The key shift in markets may be that the global easing narrative has largely faded, and policy is now moving into a more cautious phase. I think what matters most may be whether the major central banks are all tightening or holding policy at a restrictive level at the same time.”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

Markets are expecting the European Central Bank to lift interest rates this week, but rates may still have higher to go, says Markus Müller, the Private Bank's head of the CIO office and Chief Investment Officer for Sustainability. “The inflation pressures are real, as we can see in the data, and not just in Europe”, Markus says, adding that the US central bank is less likely to raise rates, but potential rate cuts could be pushed out further into the future.Stocks, meanwhile, should continue to rise, so long as inflationary forces remain reasonably controlled, Markus says. “We see room for further equity gains over the next 12 months”, noting that earnings growth has become broad-based across sectors.Aside from the ECB decision, inflation reports in both the US and China will be of interest, Markus says, noting that rising prices in China are being taken as offering views into the behaviour of Chinese consumers and the country's domestic economy in general. “So a sharp fall here could be seen as a warning bell of underlying economic problems.” 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

In this week's podcast, Christian Nolting, the Private Bank's Global Chief Investment Officer, comments on how markets have endured a great deal of uncertainty around the Middle East conflict without becoming overly reactive. “I think the really good news is that the markets have reacted in a very rational way,” he says, noting that interest-rate expectations are still shifting as a result. “Even if we see the Strait of Hormuz opening up, we expect the ECB will probably still hike rates on June 11."The rate outlook is closely tied to inflation forecasts, for both central banks and consumers, he continues. “If you see higher prices at a fuel station or in a supermarket, then your inflation expectations go higher. And that's literally happening immediately." However, he adds, this has not yet fed into a long-term negative outlook.In the week ahead, the US Jobs Report is likely to be of particular importance, as markets could be sensitive to evidence that the economy is running either too hot or too cold. “I think a boring number would be best from a market perspective,” Christian says, as it would sidestep both increased inflation risks and evidence of an economic downturn.For more investing insights, please visit wealth.db.comIn 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

Stock markets and bond markets are being swayed by different forces to a considerable degree, says Deepak Puri, the Private Bank's Chief Investment Officer for the Americas. “For equity markets, AI is the main story. For bond markets, it's what's happening to energy prices.” The technology sector is likely to continue its leadership of equity markets, Deepak says, noting that AI infrastructure spending is having outsized benefits for data centres and other elements of that ecosystem. Bond markets however are contending with the energy price shock of the Iran war and its feed-through effects on inflation and central-bank policies.The Private Bank recently held its quarterly CIO Day, when it updates its 12-month forecasts for markets and the economy, and “there was a big focus on the energy supply shock that's going across the globe”, Deepak says. Growth expectations for the US were lowered for 2026 as a result, and consumer demand in the eurozone is likely to come under pressure from higher prices. But US corporate earnings are also expected to rise, so the S&P 500 target for mid-2027 received an upgrade.For the week ahead, “on the economic front, it's an inflation week,” Deepak says, noting that the Fed's preferred inflation gauge is due in the US, May flash inflation data is due for the eurozone, and Japan will also report on price rises.For more investing insights, please visit wealth.db.comIn 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

First-quarter earnings results are already drifting into the rear-view mirror, and that is likely to put more focus on geopolitics and economic performance, says emerging markets CIO Dr. Jacky Tang. “From a risk sentiment perspective, markets are less focused on headlines right now, but more on whether geopolitical risks remain contained,” Jacky says, noting that with crude trading above $100 a barrel, “there is already a risk premium priced in.”The ongoing closure of the Strait of Hormuz will remain an important consideration, though markets will also be watching for any follow-up activity from the recent meeting between US President Trump and Chinese President Xi. The summit “was less about a sweeping reset, and more about a managed truce”, Jacky says, adding that markets will be watching closely for continuity in the trade truce.In the week ahead, manufacturing indicators will be of interest, particularly on the services side, Jacky says. “Markets are highly sensitive to momentum loss or resilience.” 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

The Private Bank's CIO team has named its base case scenario for the Middle East conflict a "fragile ceasefire", says emerging markets CIO Dr. Jacky Tang. "We expect the majority of oil and gas flows to normalise by the end of the second quarter, although with recurring disruptions and heightened geopolitical risk premiums”, Jacky says. “In this scenario, oil prices could likely ease, while volatility remains structurally elevated.”In the coming week, Jacky says that US inflation figures will be of particular importance, as markets look for evidence that the jump in energy prices is spreading to other parts of the economy in a "second-round inflation effect". Markets will also be watching for the messaging that emerges from the planned meeting between President Trump and Chinese President Xi, Jacky says. "What is important for the market is that any de‑escalation signals, or an extension of existing trade truces, would help minimise the downside risks to global growth when inflation is already being supported by higher oil and gas prices."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

The S&P 500 in April had its strongest showing since the Covid vaccine breakthrough, says Deepak Puri, the Private Bank's Chief Investment Officer for the Americas. "Both from a macro and corporate earnings perspective, things look great," Deepak says, noting that a lot of institutional investors shifted to more bullish positions during the month.First-quarter US GDP data also showed strength, but "what really matters to the market is what was driving that growth, and that's where it is good news", Deepak says, noting that business spending surged in the quarter in an extension of the AI capex boom.In the week ahead, "we are going to get the most important labour market statistic, which is the nonfarm payroll data”, Deepak says. Consumer data, in the form of both sentiment surveys and results from companies that are sensitive to consumer activity, will be of interest, but Deepak says the price of oil will remain "front and centre" for markets so long as the Iran conflict remains unresolved.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

The first wave of earnings reports suggest that companies do not expect the Middle East conflict to linger, says Christian Nolting, the Private Bank's Global Chief Investment Officer. "Companies are saying that they are impacted, but the outlook is that this might not take forever," Christian says. "The bar is still quite high for companies to deliver." Meanwhile, none of the big central banks are expected to adjust interest rates this week, with decisions due from the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan. But markets are beginning to factor the Iran conflict into rate forecasts, with the possibility of a slower path of Fed rate cuts and a potential ECB rate increase down the road.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

Earnings season is underway in the US, and the focus will shift this week from financial services to big technology companies, notes Markus Müller, the Private Bank's head of the CIO office and Chief Investment Officer for Sustainability. Earnings expectations are high, and that “makes disappointment possible, so some caution is wise”, Markus says, but that is “unlikely to disrupt the underlying positive sentiment."Markets continue to move on headlines around the Iran conflict, but even a workable peace solution might not lead to an immediate normalisation of trading activity. “It will take a long time to get back to normal," Markus says. In the week ahead, "markets are likely to pay attention to earnings releases... and depending on what happens, Iran developments."Over the longer term, the Iran conflict may have a lasting impact on the way the world views energy supplies. "This situation shows how dangerous dependencies can be," Markus says. “The Iran crisis has underlined these dangers, especially on limited resources like hydrocarbon imports and governments' limited ability to stop domestic energy price spikes."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

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

Der digitale Euro soll die US-Abhängigkeit beim Bezahlen verringern. Gamechanger oder teures Experiment? Nutzen, Zeitplan und Kosten im Check. Mit dem digitalen Euro will Europa unabhängiger werden von internationalen Bezahlsystemen. Was kann das „Bargeld fürs Handy“? Was ist daran neu? Was sind die Vorteile und was die Nachteile für Verbraucher? Die Plusminus-Hosts Anna Planken und David Ahlf machen den Realitätscheck zu Zeitplan, Kosten, Privatsphäre und Konkurrenz wie Wero. Kapitel: Digitaler Euro könnte Gamechanger werden (00:06) Abhängigkeit von den USA (03:34) Was genau ist der digitale Euro? (07:30) Warum der digitale Euro so sicher ist (09:16) Privatsphäre und Anonymität (13:56) Vorteile für die Wirtschaft (15:42) Vision vs Realität: Der Zeitplan (17:52) Unterschied zu Wero (21:33) Fazit (25:35) Weitere Infos und Quellen gibt es hier: • Überblick Deutsche Bundesbank zu Zeitplan und Nutzen: https://www.bundesbank.de/de/aufgaben/themen/digitaler-euro-vorteile-des-bargelds-in-die-digitale-welt-uebertragen-992422 • Ausführlicher Report der EZB zum digitalen Euro: https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse/shared/pdf/ecb.deprep251030_digital_euro_fit_payment_ecosystem_report.en.pdf • Nationen, die an einer digitalen Währung arbeiten. https://www.atlanticcouncil.org/cbdctracker/ • Infos von Finanztip zu WERO https://www.finanztip.de/online-banking/wero/ • Die European Payment Initiative. https://epicompany.eu/ • Umfrage zum digitalen Euro. https://www.bundesbank.de/de/presse/pressenotizen/bundesbank-umfrage-digitaler-euro-findet-als-bezahl-option-breite-akzeptanz-in-der-bevoelkerung-933320 • Was bringt der digitale Euro der Wirtschaft? https://www.ihk.de/gera/magazin/wirtschaft/digitaler-euro-vorteile-unternehmen-6968098 • Welche Länder bereits an einer digitalen Währung arbeiten – Karte. https://www.atlanticcouncil.org/cbdctracker/ Das Team: • Hosts: Anna Planken & David Ahlf • Instagram: @anna.planken https://www.instagram.com/anna.planken/ und @davidihrswisst https://www.instagram.com/davidihrswisst/ • Autor*in: Michael Wegmer • Redakteur*in dieser Folge: Sina Rosenkranz • Technik: Jo Baumann • Distribution: Bo Hyun Kim, Pola Nathusius, Joshua Ehrenberg, Eva Gnädig, Fabio Homann, Doris Fenske • Grafik: Marcel Carlberg Kontakt: Ihr habt Fragen, Feedback oder Ideen? Schreibt uns an: plusminuspodcast@ard.de Der Podcast "Plusminus. Mehr als nur Wirtschaft" ist eine Gemeinschaftsproduktion von BR, SWR und WDR. Unser Podcast-Tipp: Quarks – mal angenommen Was wäre eigentlich, wenn alles ganz anders wäre? Was wäre, wenn es kein Bargeld mehr gäbe? Wenn Deutschland plötzlich ganz jung wäre? Oder wenn KI unsere Arbeitswelt komplett verändern würde? Genau mit solchen spannenden Was-wäre-wenn-Szenarien beschäftigt sich der Podcast „Quarks – mal angenommen“. https://www.ardsounds.de/sendung/quarks-mal-angenommen/urn:ard:show:09f1d0268d45a7d2/

Oil prices will remain volatile as long as the outcome of the Middle East conflict is unclear, says Dr Jacky Tang, the Private Bank's emerging markets CIO. “The best way to frame oil right now is that we are in a market dominated by headlines, but not by conviction”, Jacky says. “Our sense is that oil is still carrying a meaningful geopolitical premium, and the market is not prepared to take that premium out unless they see something more than a proposal on paper.”The fallout from the conflict will also likely extend to assets beyond energy. “For equities, the key message is that lower valuations alone do not guarantee safety”, Jacky says, noting that there could be a divergence in performance between companies that can pass on price increases and those that are less able. In the week ahead, Jacky says that data on the mood amongst consumers will be important to watch. “I would watch macro releases mainly for signs that the geopolitical shock is starting to leak into consumer behaviour.”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

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

Markets remain focused on the Middle East, and there are risks that the dislocations in energy prices could linger even if the fighting soon cools, says Deepak Puri, the Private Bank's Chief Investment Officer for the Americas. “The oil disruption actually may be much longer with the markets than the physical conflict", Deepak says, noting that oil transport has been a major concern, but that production facilities in the region have also been harmed. The inflationary pressures of energy prices are likely to affect central banks as well, Deepak says, with decisions due this week from the US Federal Reserve, the European Central Bank, and the Bank of England. "There has already been a sharp repricing in Fed rate expectations", Deepak says, with fewer rate cuts expected in the near term. He also said that US bond auctions will be important to watch this week, as well as movements in the interest rate on 10-year Treasury bonds.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

Stephen Grootes speaks to SARB Deputy Governor Fundi Tshazibana about hosting the NGFS Annual Plenary Meeting, the significance of global collaboration on climate and nature-related financial risks, and the role of institutions like the SARB and Deutsche Bundesbank in steering the transition toward a more sustainable global economy. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape. Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 to 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa Follow us on social media 702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702 CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

The week ahead will include a wealth of economic data, though most of that could be drowned out by the escalating conflict in the Middle East, says Dr. Jacky Tang, the Private Bank's emerging markets CIO. "The Middle East will remain the dominant narrative driver for day-to-day price action, but this week's economic data provides key cross-checks on whether we are facing a pure inflation shock, a growth shock, or both," Jacky says.He also notes that history has shown that the impacts of even major conflicts on markets tend to be fleeting. “Geopolitical events have rarely had a lasting effect on global stock markets unless they had significant economic impact. So far, our outlook for equity markets remains positive,” Jacky says, pointing to safe haven demand for government bonds, and the possibility of higher gold prices and a firmer US dollar.But even if economic data won't be top of mind this week, Jacky points to some important reports due, including the Federal Reserve's preferred inflation gauge. “We think the Fed could stay on hold in the next few months and monitor closely the inflation trends.”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

Strong results from major technology hyperscalers recently did not make much of an impression on stock markets, says Dr. Jacky Tang, the Private Bank's emerging markets CIO. "We believe there's still long-term confidence in the big technology platforms, particularly around AI and cloud. But the scale of investment required to sustain that leadership has risen sharply", Jacky says. “The mood, I would say, is constructive but disciplined, with markets looking for clearer evidence that today's investment cycle delivers durable returns.”As for this week's important economic data, “U.S. non-farm payrolls sit at the top of the list this week. That's the data point that really anchors the market's view on the Fed”, Jacky says. He also points to ongoing developments in trade policy as important to watch.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

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

Markus Müller, the Private Bank's Head of the CIO Office and CIO for Sustainability, joins this week's PERSPECTIVES Weekly Podcast to highlight the forces shaping markets during Chinese New Year.Markus notes that while near‑term data releases will attract attention, the more important focus is China's ongoing structural transition. As he puts it, “it isn't true that China is stagnating – it's still transforming very fast.” He points to the country's rapid expansion in areas like clean energy as evidence of this broader shift.The episode also looks at AI-driven market volatility, with Markus emphasising that shifting sentiment may cause temporary tremors but that AI remains “a structurally positive story”.Finally, Markus highlights the key releases he's watching this week—from the FOMC Minutes to inflation data across major economies and the first February PMIs, offering early insight into global momentum.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

Dr. Jacky Tang, Deutsche Bank Private Bank's CIO for Emerging Markets, breaks down the key forces shaping Asia's market outlook. On Japan's weekend election, Jacky notes that “A victory for the LDP would point to broad policy continuity, with fiscal support and gradual BOJ normalisation still in place.”He explains that such stability would support higher wages and investment, improving corporate profitability and contributing to a steeper yield curve that could benefit the banking sector. The episode also explores upcoming CPI releases from China, India and the US, and why Asia's inflation trends continue to diverge from those in the US. Jacky then discusses the latest developments in US-Asia relations — from reduced friction following the US-India trade agreement to a cautious stabilisation in US-China engagement. 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

The dollar has been trading around multi-year lows against its peers, but the downward trend may not last, says Dr. Jacky Tang, the Private Bank's emerging markets CIO, in his first appearance on the Perspectives podcast. "While a weak US dollar favours Asian equities and uplifts gold prices, as we can see from the recent price action, we need to also look at the US macro picture." He said he expects the dollar to stabilise after a period of being rocked by geopolitical developments.Corporate earnings season is still in its early stages, but some important technology names have already reported. "Big tech earnings were mixed," Jacky says, noting some disappointing cloud revenue. "The economy appears stable. However, investors are watching for winners or losers in the AI space." 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

Markets have exhibited some sensitivity to geopolitical concerns amid debates over the status of Greenland, says Deepak Puri, the Private Bank's Chief Investment Officer for the Americas, though he also notes that those concerns can be somewhat transient. “Usually markets tend to shrug these off,” Deepak says, “because if they're not instrumental in changing the macro backdrop, markets say ‘Okay, nothing's changing.'” He noted that the tariff threats from the US had been a particular concern, so there was some relief when the White House changed course.The Federal Reserve will be in focus this week, and Deepak says it is not only because of an impending policy decision. Markets expect rates to remain unchanged, and “I think the Fed should be comfortable with a pause as there hasn't really been much change either around inflation or labour market,” Deepak says. But also of interest is the expectation that President Trump will soon nominate the next Fed chair, and the Supreme Court could soon issue a decision related to the Fed's independence from politics.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

S&P 500 earnings season for the 4th quarter has just gotten started, but early results have been strong, says Christian Nolting, the Private Bank's Global Chief Investment Officer. “The market is expecting roughly 7% growth this year, which seems a lot, but it's less than last year. And the whisper news is obviously it could be a bit better”, Christian says. “From that perspective, we don't need to change at this point in time our investment strategy.” On the commodities side, gold prices have been climbing for quite some time, but Christian says that shouldn't necessarily herald a shift for portfolios. “Just to sell something because it's nicely moving up is never a good idea”, Christian says. “There needs to be a fundamental change for us to sell gold, and I don't see that at this point in time.” In the week ahead, he expects markets to be closely watching the World Economic Forum in Davos, as well as a potential decision from the Supreme Court on tariff policy. 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

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

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

We discuss with Alexandra Hachmeister, Director General Digital Euro at Deutsche Bundesbank, how Europe can reclaim digital sovereignty and what the role of the Digital Euro could be.

The US dollar has been weakening against its peers lately, “but when you look for the last five years, the dollar is still positive”, notes Deepak Puri, the Private Bank's Chief Investment Officer for the Americas. And the dollar's recent slip could be a reason that stocks have continued to climb. “The dollar weakness does give a boost to the S&P 500 earnings because on an aggregate basis, around 35% of earnings for S&P 500 companies are coming from the overseas markets.” In the week ahead, “all eyes are going to be on the Fed”, Deepak says, pointing to the US central bank's expected rate decision, data releases and commentary on Wednesday. “We want to see if there are additional rate cuts baked into the Fed's median policy statement going into 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. © 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

Stocks have found their footing after a recent period of softness, and that strength could continue through 2026, says Markus Müller, the Private Bank's head of the CIO office and Chief Investment Officer for Sustainability. “Positive year-end seasonality could still be offset by a temporary return of worries around AI market concentration, and also US labour market softness”, Markus says. “But looking across a 12-month horizon, the market is still positive.”Markus was also present at COP30, the latest UN conference on climate change, and he said the developments there were important for investors. “The lack of consensus on a fossil fuels phase-out means continued volatility in oil and gas”, Markus says, adding that changes will reverberate far beyond the energy sector. “It's not just about the climate, but shaping industrial strategy, trade competitiveness, and capital allocation.”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

The Private Bank's Chief Investment Office just held its quarterly “CIO Day” gathering to set its 12-month forecasts, and it included some interesting shifts to its outlook, says Deepak Puri, the Private Bank's Chief Investment Officer for the Americas. “The key takeaway is that the worst of the trade war is behind us as we enter 2026,” Deepak says, adding that recent market volatility has not changed its views on AI: “We still believe the AI dominance will continue and have a very positive tailwind from the earnings side for 2026. So we upgraded our S&P target.” Central banks were naturally part of the discussion, and Deepak pointed to sharp divisions at the Federal Reserve over the course of monetary policy in the coming months. “We now expect three rate cuts from now till the year end of 2026,” Deepak said, while the European Central Bank is not expected to cut at all, and the Bank of Japan is forecast to raise rates twice.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

Scepticism in the market can be a healthy sign, says Christian Nolting, the Private Bank's Global Chief Investment Officer – and that's currently in evidence in the mood around lofty tech valuations. “There's a bit of discussion in the market about AI. Is it a bubble or not?”, Christian said. “And from that perspective, I think it's quite healthy if we also see the market not always going up in a straight line.”And importantly, analysts will soon have access to data that was unavailable to markets during the US government shutdown. US labour market data and inflation figures will be of particular interest, Christian said, as they will have clear implications for Federal Reserve policy in the months ahead.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

In deze Toegevoegde Waarde draait het om CO₂-certificaten. We onderzoeken hoe deze ‘carbon credits’ werken en of het systeem ook werkt. Zijn ze effectief? Een luisteraar suggereerde dat het interessant zou zijn daar eens wat meer over te horen en met de klimaattop in Brazilië leek dit ons een mooi moment. Verder gaan we het over de gevolgen van de brexit hebben, want de economische schade blijkt nog groter dan eerder verwacht. Bij de Post zat een paper getiteld The Economic Impact of Brexit, van economen bij onder meer Stanford, Bank of England en de Deutsche Bundesbank. De onderzoekers concluderen dat niet alleen de teruggelopen handel met de EU zorgde voor minder groei, maar dat vooral de onzekerheid een grote rol speelde.See omnystudio.com/listener for privacy information.

In deze Toegevoegde Waarde draait het om CO₂-certificaten. We onderzoeken hoe deze ‘carbon credits’ werken en of het systeem ook werkt. Zijn ze effectief? Een luisteraar suggereerde dat het interessant zou zijn daar eens wat meer over te horen en met de klimaattop in Brazilië leek dit ons een mooi moment. Verder gaan we het over de gevolgen van de brexit hebben, want de economische schade blijkt nog groter dan eerder verwacht. Bij de Post zat een paper getiteld The Economic Impact of Brexit, van economen bij onder meer Stanford, Bank of England en de Deutsche Bundesbank. De onderzoekers concluderen dat niet alleen de teruggelopen handel met de EU zorgde voor minder groei, maar dat vooral de onzekerheid een grote rol speelde.See omnystudio.com/listener for privacy information.

For a while it seemed like all the earnings growth was coming from a short list of major tech firms, but now that has begun to change, says Dr. Dirk Steffen, the Private Bank's EMEA CIO. "The lead in terms of earnings growth by these mega caps is actually narrowing somewhat ", Dirk says. “This is a positive and healthy sign for the stock market in our view.”But that is not a reason to be excessively exuberant, Dirk says. “It's important not to get carried away by these very solid numbers,” though he acknowledges that results so far have been “a huge win for corporate America.” And while the reporting season continues, Dirk says he'll be paying attention to results from some European firms this week for further clues about how they are coping with tariffs and shifting trading patterns.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. © 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

Stock markets are soaring amid AI enthusiasm, but that does not necessarily mean we are in bubble territory, says Markus Müller, the Private Bank's head of the CIO office and Chief Investment Officer for Sustainability. “The difference now is the foundation. Equities are showing strong earnings, robust cash flows and disciplined balance sheets. That's not typical bubble behaviour,” Markus says, though he also points to the need for careful risk management. “Overinvestment is a risk. Global data centre spending surged.”This tension is on display in the current U.S. earnings season, Markus says. “Fundamentals are strong, but the pace of investment and market concentration require respect. The top 10 US companies now represent over 20% of the global equity market value. And tech alone is about 35% of US market cap. With that concentration, risk management is essential.”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. © 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

In der 45. Kalenderwoche wird mit Spannung auf die Zahlen zum dritten Quartal der Commerzbank geblickt. Und auch der 20. Finanzstabilitätsbericht der Deutschen Bundesbank wird viel Aufmerksamkeit auf sich ziehen. Jedoch wird ein besonders starker Fokus auf der Automobilindustrie liegen, denn BMW wird als letzter großer deutscher Autobauer Quartalszahlen vorlegen. Weshalb BMW die Branchenkrise bislang besser bewältigt hat als andere Autohersteller, aber dennoch Anfang Oktober seine Jahresziele senken musste, und wie das Geschäft in China sowie den anderen Regionen läuft, erläutert Joachim Herr, Korrespondent in München, im Gespräch mit Franz Công Bùi, der im Anschluss daran gemeinsam mit Sabine Reifenberger weitere Themen und Ereignisse vorstellt, die in der kommenden Woche wichtig werden.

In a central bank triple-header, we'll see announcements from the Fed, the ECB and the Bank of Japan in the week ahead. And while the banks share similar aims, Markus Müller, Chief Investment Officer Sustainability & Global Head of the Chief Investment Office for Deutsche Bank's Private Bank, describes the different situations facing central bankers as being like "three captains steering ships through different waters – some choppy, some calm, some foggy”.Switching to sustainability and COP30 in Belem, Brazil, next month, Markus expects a more reflective mood at what is being called the 'nature COP'. Fragile global economic alliances and the lack of strong US commitment will likely limit practical outcomes, he says. "It's a chance to reframe the narrative, but not necessarily to rewrite the results." 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. © 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

US earnings season got started with some strong results from big banks, but markets have also been focused on emerging risks for some regional banks, says Deepak Puri, the Private Bank's Chief Investment Officer for the Americas. “There have been two big delinquencies in recent days in the US”, Deepak says, noting that they “have had some exposure to the regional banking sector.” Bond markets meanwhile have been coming under some stress in the high-yield space, Deepak says. “The default rate is really important to see, especially for those companies that are really on the fringe of what I would call junk.” And on the data front, Deepak says markets will be watching for US inflation figures that are expected at the end of the week.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. © 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

Dr Joachim Nagel isn't just Germany's chief central banker, he's one of the most powerful economic policy-makers in Europe.In this exclusive interview, he tells Business Daily how he thinks Germany, and the European Union as a whole, should be responding to a time of unprecedented economic peril.It's a shaky time for the world's third-largest economy, which has been experiencing stagnant growth for five years. As a trade war between Europe and the US escalates, what does the future look like for Germany?If you would like to get in touch with the show, please email: businessdaily@bbc.co.ukPresenter: Ed Butler Analysis: Faisal Islam, BBC economics editor Producers: Olie D'Albertanson and Elisabeth Mahy(Image: Joachim Nagel, president of Deutsche Bundesbank in Jan 2024. Credit: Getty Images)

Wer braucht Bargeld in einer digitalisierten Welt? Warum halten wir an Cash fest, obwohl es immer weniger es nutzen und es aufwendiger ist als digitales Zahlen? Anca und Bo sind auf der Suche nach Antworten und werden dabei immer wieder überrascht.Schlagworte: +++Cash +++ Bargeld +++ Digitalisierung +++ Finanzmärkte +++ Zahlungsverkehr**********In dieser Folge:00:02:50 - Bargeld heute: Tradition trifft Aufwand00:08:00 - Warum bleibt Bargeld trotzdem weiter beliebt?00:10:37 - Digital Bezahlen - wie weit kommt man in Deutschlands Fußgängerzonen?00:17:44 - Wenn nur Bares wirklich Wahres wird - the bigger Picture00:23:33 - Fazit**********Diese Woche mit: Hosts und Autoren der Folge: Bo Hyun Kim und Anne-Catharine Beck Recherche und Faktencheck: Jule Dieterle, Florian Twente, Andreas Schöllig Produktion: Marcell Christmann Redaktion: Anne Göbel**********Die Quellen zur Folge:Bargeldumlauf / EWU, Deutsche Bundesbank, September 2024Zahlungsverhalten in Deutschland 2023, Deutsche Bundesbank, Juli 2024Cost of Cash: Status Quo und Entwicklungsperspektiven in Deutschland, Research center for financial services Steinbeis-Hochschule Berlin, Mai 2013Kartenzahlung für Händler 2024: Alle Kosten im Überblick, Die BezahlexpertenKartenzahlung: Die Gebühren für Händler**********Weitere Beiträge zum Thema:Taylor Swift, Olympia, EM: Wie der Schwarzmarkt funktioniertBargeldloses Zahlen: Alle außer DeutschlandSmartphone: Eine Woche bargeldlos**********Habt ihr auch manchmal einen WTF-Moment, wenn es um Wirtschaft und Finanzen geht? Wir freuen uns über eure Themenvorschläge und Feedback an whatthewirtschaft@deutschlandfunknova.de.**********Den Artikel zum Stück findet ihr hier.**********An dieser Folge waren beteiligt: Hosts und Autoren der Folge: Bo Hyun Kim und Anne-Catharine Beck Recherche und Faktencheck: Jule Dieterle, Florian Twente, Andreas Schöllig Produktion: Marcell Christmann Redaktion: Anne Göbel**********Ihr könnt uns auch auf diesen Kanälen folgen: TikTok auf&ab , TikTok wie_geht und Instagram .

Entrevista al profesor Miguel Anxo Bastos sobre la situación política de España tras la reelección de Pedro Sánchez como presidente del Gobierno. Directo apadrinado por IG. "Tu trading tiene un nuevo hogar": https://bit.ly/3F38bpd*Los productos cotizados son instrumentos financieros complejos. El trading de estos instrumentos está asociado a un riesgo elevado de perder dinero rápidamente. IG Europe GmbH (una compañía inscrita en la República Federal Alemana y registrada en el IHK Frankfurt am Main con el número HRB 115624, con dirección registrada en Westhafenplatz 1, 60327 Fráncfort del Meno, Alemania). IG Europe GmbH (Register number 148759) is authorised and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht and Deutsche Bundesbank. IG Europe GmbH (con registro número 148759) está autorizada y regulada por la Bundesanstalt für Finanzdienstleistungsaufsicht y el Deutsche Bundesbank. IG Europe GmbH ofrece sus servicios en España a través de su sucursal registrada en la CNMV con el número 121. Hazte miembro en: https://plus.acast.com/s/juanrallo. Hosted on Acast. See acast.com/privacy for more information.