Podcasts about european central bank ecb

With the election of Chancellor Friedrich Merz and the formation of a new German government, expectations are mounting for revitalised German leadership at the heart of Europe. As the EU grapples with a formidable economic policy agenda, shaped by the landmark reports of Enrico Letta and Mario Draghi and influenced by shifting global dynamics under a new U.S. administration, the question arises: where does Europe go from here? In his address to the IIEA, Johannes Lindner, Co-Director of the Jacques Delors Centre at the Hertie School in Berlin,offers a unique vantage point on the evolving policy landscape from Berlin and Brussels. He discusses the EU's ability to find consensus and deliver on key economic issues, such as common industrial policy, budget reform, increased defence spending, financial integration, regulatory simplification, and transatlantic trade. About the Speaker: Johannes Lindner is Co-Director of the Jacques Delors Centre at the Hertie School in Berlin, where he leads the Centre's think tank work on economic and financial policy. He also teaches at the Hertie School and is an Honorary Professor at Aston University, Birmingham. From 2003 to 2022, he worked at the European Central Bank (ECB), including ten years as Head of the EU Institutions and Fora Division. He holds master's degrees from the London School of Economics and the University of Cologne and completed his PhD in political science at the University of Oxford.

Markets have staged a remarkable recovery from the sell-off that began in early April, and "it's been an incredible month", says Dr. Dirk Steffen, the Private Bank's EMEA CIO. "We are still talking about significant tariffs, but there seems to be more of a managed approach", Dirk says.A big part of the rally was "a very supportive earnings season", Dirk says, noting that the important data in the week ahead will be figures on business confidence. "These will be at the centre of the market discussion."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

Markets are looking for clarity on what the baseline tariff rates will ultimately be among key trading partners – and the recent U.S.-U.K. trade deal offers a promising sign, says Deepak Puri, the Private Bank's Chief Investment Officer for the Americas. "It might be sort of a blueprint for other trade agreements”, Deepak says, adding that purchase agreements and market access will be closely watched, in addition to the tariffs themselves.In the week ahead, U.S. inflation figures will be a key consideration, but Deepak says investors should also pay attention to retail sales data, which could show a moderating trend.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

Markets have been in a period of relative calm since the significant moves that followed ‘Liberation Day', but "I'd be a brave man to predict no volatility", says Markus Müller, the Private Bank's CIO for sustainability. "I do hope the worst is over for now, at least until we approach the end of the 90-day pause at the end of July", Markus says, noting that markets will be looking for progress on trade deals in the meantime.In the week ahead, Markus says a rate cut is unlikely from the Federal Reserve, though a cut may come from the Bank of England. He also notes that Chinese economic figures could be an important sign of the impact of the tariff debate. "Keep an eye on the Chinese data. And don't forget earnings season is still going on", Markus says.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

Developments in U.S. tariff policy suggest that, when markets have a strong reaction, the White House is prepared to change course, says the Private Bank's Global Chief Investment Officer, Christian Nolting. “Of course, this was denied by Washington, but I would be surprised if they really don't look at it,” he says, noting that this applies more to bonds than it does to stocks.In the week ahead, “the number I'm really watching out for on the macro side in the U.S. is, believe it or not, the nonfarm payrolls,” Christian says, adding that this is in part because the April jobs report will be the first data to hint at how the economy adjusted after tariffs entered the picture on April 2.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

Over 1.5 billion contactless point of sale (POS) payments, valued at €26.7 billion, were made in shops, restaurants and other retail outlets in 2024, according to the latest payments analysis published today in Banking & Payments Federation Ireland's (BPFI) Payments Monitor. The report reveals that contactless payments accounted for 87.1% of all POS card payments in 2024, with more than half of all contactless payments now made using mobile wallets such as Apple Pay or Google Pay rather than cards. A consumer survey on payment behaviour in Ireland, conducted by BPFI for the report, also shows that most consumers are aware of and confident in using many banking and payment technologies, such as instant payments and facial recognition. However, less than half are familiar with open banking services, which enable customers to share their banking data with third parties to provide additional financial management tools, while only a quarter of consumers are aware of plans for a digital euro. Speaking on the publication of the latest Payments Monitor, Gillian Byrne, Head of Payments, BPFI stated: "We can see from today's report that contactless payments continue to be very popular with Irish consumers, accounting for almost 90% of all point of sale (POS) card payments made in shops, restaurants and other retail outlets in Ireland last year. Smartphones and watches have emerged as the preferred payment devices over physical cards for many consumers. Out of 296 contactless payments made per person in Ireland on Irish cards in 2024, 159 of these were mobile wallet payments." Ms Byrne added: "The rapid adoption of mobile wallets is not surprising given that Irish consumers have traditionally embraced new banking and payments technology. For example, almost 85% of adults used internet banking in 2024, according to Eurostat, the fifth highest proportion in the EU, and our consumer research published today as part of the report shows most consumers are aware of and confident in using many banking and payment technologies such as instant payments and facial recognition for making payment or accessing mobile banking." "However, the survey also reveals some gaps, with only 25% of respondents stating that they were aware of open banking tools such as account information services that give a third-party provider access to their bank account to analyse their spending, and only 40% of those who knew about them (i.e. about 10% of all respondents) said they would be confident using them. Furthermore, only one in four respondents were aware of a potential plan for a digital euro, which will be a digital form of cash, despite the fact that proposals for a digital euro date back to 2020. The European Central Bank (ECB) launched its digital euro project in July 2021 and will decide in October whether to move on to the next phase." She concluded: "These results highlight the need for greater consumer awareness of open banking, as recommended in the Department of Finance's National Payment Strategy, as well as the need to raise awareness about the digital euro and its potential impact. It also shows the need for enhanced consumer confidence in new financial technologies, especially among older consumers who consistently reported the lowest levels of awareness and confidence in newer banking and payment technologies." The BPFI Payments Monitor March 2025 is available to download here.

In this week's PERSPECTIVES podcast, we look ahead to “Liberation Day” – the term used by President Donald Trump to describe Wednesday, April 2, when he is expected to make a new major announcement on tariffs.Deepak Puri, our Chief Investment Officer for the Americas, expects this announcement will focus on reciprocal tariffs, designed to match the import tariffs other countries currently place on U.S. goods. He also discusses sectoral tariffs and secondary tariffs and what they could mean for global markets.Whatever is announced this week, “markets are going to remain on edge", Deepak predicts, adding that “we're now facing the peak of policy uncertainty with regards to trade and tariffs.” He explains that markets need to establish a baseline cost of tariffs, measuring their economic impact. In the short term, these costs will be double-edged: “One [aspect] will be increasing price pressure for US consumers and the second aspect will be lower growth.”Finally, it's an important week from a macro perspective, as we will receive the most recent snapshot of the U.S. labour market and ISM data for both manufacturing and services in the U.S.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

Rarely does a week go by without tariffs being in the spotlight. In this week's PERSPECTIVES podcast, we asked Christian Nolting, our Global Chief Investment Officer, what he expects them to mean for investors."The uncertainty of tariffs is not helpful for growth," he said, noting that professional investors have very different views, and therefore a range of expectations for tariffs, worldwide. “We expect tariffs at the higher end for Europe, as we have seen with Mexico and Canada,” he added. However, he does see opportunities for negotiations down the road. Christian also walked us through his expectations for future rate cuts by the Federal Reserve, following the widely expected decision to keep rates unchanged at last week's meeting. “Central banks are still a bit concerned about inflation – a view we fully share,” he said, adding that it's "important for markets in this environment that central banks do not add more volatility."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

The private bank is standing by its positive market outlook for the next 12 months, and "it will be an earnings-driven market", says Dr Dirk Steffen, the Private Bank's EMEA CIO. Double-digit earnings growth remains a possibility and, while major U.S. stock indices have recently entered correction territory, Dirk says the U.S. economy ought to "regain some footing" after its recent soft patch.Meanwhile, a Federal Reserve policy decision is due this week and, even after a recent softening of U.S. inflation figures, Dirk does not expect the central bank will move quickly to bring down interest rates. "We remain in the camp of higher for longer.”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

Much of the recent market volatility can be attributed to the wave of on-again-off-again tariff threats from the U.S., which "always result in a big risk-off knee jerk", says Stefanie Holtze-Jen, the Private Bank's APAC CIO. But she notes that while we see China retaliating with tariffs of its own, "it looks very much like they want to negotiate, rather than escalate."The week ahead “will not be boring”, Stefanie says, as we will receive a wealth of data, including Chinese producer and consumer prices. On the tariff front, she notes that Chinese retaliatory tariffs on U.S. agricultural goods are due to take effect, and a deadline is approaching for the U.S. to apply tariffs on some European Union metals.For more investing insights, please visit deutschewealth.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. © 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

Following a previous episode that examined the pro-perspective, in this episode, we discuss counterarguments against a Bitcoin Reserve with Dr. Jürgen Schaaf from the European Central Bank (ECB)

With International Women's Day upon us, this week's all-female line-up tackles the latest news from rates markets. The European Central Bank (ECB) cut rates to 2.5%, but it is Europe's revised defence budget that is the real focus for markets. Elsewhere, the Federal Reserve looks to be out of its cutting cycle for 2025 and in the UK what are we to make of modest yield rises?Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.NB. This episode was recorded on 6 March 2025For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

The Federal Reserve's preferred inflation gauge inched down at the end of last week, but "the main topic remains, for me, inflation", says the Private Bank's global Chief Investment Officer, Christian Nolting. Prices are still rising more quickly than the central bank would like. Still, "the good news is this came in line with expectations of the market", Christian says.Meanwhile, Christian considers the reasons that European stock indexes have outperformed their U.S. counterparts this year. And in the week ahead he says he'll be watching U.S. nonfarm payrolls, the European Central Bank's policy decision, and China's National People's Congress.For more investing insights, please visit deutschewealth.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. © 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 stock market's ongoing strength in the face of geopolitical instability "is really driven by the fact that the economy is still quite resilient", says Deepak Puri, the Private Bank's Chief Investment Officer for the Americas, pointing to solid labour markets and strong economic growth. "It seems we're in a good spot.”Earnings reports from the fourth quarter have also provided plenty of reasons for optimism. "Banks are doing well, which is important to providing liquidity to markets”, Deepak says, adding that technology megacaps showed impressive earnings growth. Still, Deepak notes that the 2025 outlook for earnings and revenue growth are somewhat subdued. And U.S. interest rates may not come down much this year, if at all: “Almost every Fed speaker has said that the bar is too high for them to cut rates, primarily driven by inflation concerns.”For more investing insights, please visit deutschewealth.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. © 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

A recent uptick in U.S. inflation has lowered expectations for softer Federal Reserve policy ahead – a situation that could continue to support the US dollar, but for other countries could “bring the local currency under pressure”, says Stefanie Holtze-Jen, the Private Bank's APAC CIO. There are “challenges that come from this type of backdrop.”Stefanie notes that China recorded "robust consumption trends" during the Chinese New Year holiday period, including higher retail sales, services consumption, and travel. She also says that consumer sentiment there is stabilising as international investors have been re-evaluating the country's tech sector following successes in artificial intelligence.For more investing insights, please visit deutschewealth.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. © 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

Switching mortgage providers on the increase Martina Hennessy from doddl.ie join Patricia Switching your mortgage: once a daunting, paperwork-ridden nightmare, now a savvy financial move. According to the Irish Independent and Doddle.ie's Mortgage Switching Index, the value of switcher financing in Ireland skyrocketed by 45% last year. Why? Because homeowners are waking up, smelling the financial coffee, and realising they can save thousands by shopping around. Martina Hennessy, Chief Executive of Doddle.ie, explained the trend on C103, revealing just how much money is being left on the table by sticking with your current lender. Spoiler alert: it's a lot.---Switching Isn't Just for Utility BillsGone are the days when switching your mortgage felt like trying to climb Croagh Patrick in flip-flops. Banks have made it easier, faster, and far less painful. "We've seen switches completed in just 10 working days," says Hennessy, a huge improvement from the six-to-eight-week slog it used to take.The incentives are also bigger than ever. Banks are rolling out cashback offers (up to 2% of your mortgage value) to cover legal fees, and digital processes mean less paperwork and fewer headaches. Think of it as the financial equivalent of ordering your groceries online instead of queuing at the supermarket.---The Savings Are No JokeHere's the kicker: the gap between the lowest and highest mortgage rates in Ireland is massive. Currently, the best rates hover around 3%, while the worst can exceed 6.15%. For the average mortgage of €334,000, that difference translates into savings of €7,000 a year—or nearly €600 a month. That's not just pocket change; that's holiday money, school fees, or the deposit on a second-hand car.As Hennessy puts it, “Imagine someone handing you €450 in cash every month. You'd take it, wouldn't you?” Yet many homeowners are still reluctant to switch, clinging to old fears that the process is too complicated. Spoiler: it isn't.---Green Homes, Green SavingsIf your home is energy-efficient, you've got even more reasons to switch. Many lenders now offer “green rates” for homes with strong Building Energy Ratings (BERs). Even if you're not living in a solar-powered palace, rising property values could mean your loan-to-value ratio has improved, making you eligible for lower interest rates.---Repeat Switchers: The MVPs of Mortgage ManagementNot only can you switch your mortgage once, but you can do it multiple times. In fact, repeat switchers are Doddle.ie's favourite clients. “It's about reviewing your mortgage every few years,” says Hennessy. Fixed-rate periods typically last three to five years, and rolling onto a variable rate without shopping around is like leaving money on the table. Don't do it.What About ECB Rate Cuts?While the European Central Bank (ECB) may cut rates this year, don't expect it to drastically change your mortgage unless you're on a tracker rate. Most Irish mortgages are tied to the Euribor rate, which has already adjusted for anticipated ECB cuts. So, if you're holding out for a miracle rate drop, you might be waiting a while.In a time when everything costs more—groceries, energy, a pint at the pub—your mortgage is one area where you can claw back some much-needed cash. As Hennessy says, “Your home is your home; your mortgage is just a financial product.” Treat it like one. Shop around, save money, and stop paying more than you need to.So, Ireland, the message is clear: ditch the loyalty, embrace the switch, and start saving. Your wallet will thank you. Hosted on Acast. See acast.com/privacy for more information.

A strong fourth-quarter earnings season so far "comes just as the right time, because we have so many things to deal with on the political side and a lot of uncertainty about future economic developments,” says Dr. Dirk Steffen, the Private Bank's EMEA CIO. “It's more than welcome that we are presented with company results that I would say are quite encouraging.”A big source of uncertainty however is the new U.S. tariff agenda, Dirk says, because of its halting start and the difficulty of calculating how it may affect company supply chains.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

Welcome to this week's Titan International market review for the week ending 2nd February 2025. Global equity markets delivered a mixed performance this week as investors digested a slew of central bank announcements, corporate earnings updates from the world's largest firms, and fresh economic data from the United States.The US Federal Reserve wrapped up its first meeting of 2025 on Wednesday, opting—as widely expected—to hold its policy rate steady at 4.25% to 4.50%. Meanwhile, in Europe, the European Central Bank (ECB) delivered a widely anticipated 25-basis-point rate cut, lowering its key deposit rate to 2.75%. Corporate earnings took centre stage this week, with four of the "Magnificent 7" reporting results. Tech stocks came under pressure early in the week, rebounding from Monday's sharp sell-off, triggered by Chinese AI startup DeepSeek. Looking at the broader picture, earnings for the S&P 500 are on track for 12% year-on-year growth, potentially marking the strongest expansion since 2021. Fourth-quarter GDP data confirmed that the US economy remains on solid footing, with growth coming in at 2.3% annualised, just shy of expectations for 2.4%. Elsewhere, geopolitical tensions flared as the US imposed fresh tariffs on trading partners. It was a soft week for US equities, with the S&P 500 slipping 1%, though value stocks outperformed. In the commodities space, gold surged over 1% to an all-time high, surpassing its previous record set three months ago. That's all for this week's Titan International Weekly Podcast. Thank you for listening and for further investment insights head over to titanwealthinternational.com.

Markets had a bumpy week amid competitive shifts in the artificial intelligence sector. But that is not necessarily a bad thing, says the Private Bank's Global Chief Investment Officer, Christian Nolting. "If we find more efficient solutions, that's better from a productivity growth perspective," Christian says, "but of course, when it starts, it causes volatility in some sectors."The Bank of England could deliver a rate cut in the week ahead. U.S. non-farm payrolls and eurozone inflation figures are also among the critical reports to watch.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 this week's PERSPECTIVES Weekly podcast, the Private Bank's Chief Investment Officer for the Americas, Deepak Puri, reflects on what has been an historic and eventful past week with the new U.S. president taking office. He also outlines what investors should keep on their radar in the context of U.S. politics over the coming months.Looking into this week, Deepak provides key insights on the upcoming central bank meetings with the Federal Open Market Committee (FOMC) and European Central Bank (ECB) set to meet, and elaborates on what to look out for with the earnings season in full swing. 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 this week's Perspectives Weekly Investment Outlook podcast, the Private Bank's Chief Investment Officer in APAC, Stefanie Holtze-Jen, discusses two elephants in current investment markets: China's growth and how U.S. tariffs are expected to play out in the Asia region.Stefanie says Asia's economies are growing more quickly than developed economies and helping to drive global growth. She provides her analysis of China's three-pillar approach to economic management, what it means for Chinese equities, and how China is preparing for U.S. tariffs.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

Bond markets have kicked off 2025 with “a significant spike in yields, and this is now firmly on investors' minds,” says Dr Dirk Steffen, the Private Bank's EMEA CIO. “Bonds have to be managed very actively.” The bond volatility has been particularly pronounced in the U.K., but Dirk says that the situation there is probably not as severe as the crisis in 2022.Meanwhile, earnings season kicks off in earnest this week, with a group of results from major U.S. banks. "Elevated yields could be a nice tail-wind” for the banks, Dirk says, and “let's not forget about buybacks,” which could also be supportive. Communications services, financials, IT, and consumer discretionary are all sectors that are likely to show strong earnings growth.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

Welcome to this week's AHR market review for the week ending 15th December 2024. Global equity markets retreated over the week as US inflation ticked higher, the ECB cut interest rates, and the UK economy contracted for the second month in a row.The release of November's US Consumer Price Index (CPI) marked the final major economic indicator ahead of this week's Federal Reserve meeting. Headline CPI ticked up to 2.7% year-on-year, marking its second consecutive increase—something not seen in the last eight months. Across the Atlantic, the European Central Bank (ECB) cut its key deposit rate by 0.25 percentage points to 3.0%, its fourth reduction this year. Over in the UK, the economy is showing signs of strain after a strong start to the year. With inflation in the services sector still stubbornly high, the Bank of England is expected to hold interest rates steady at its upcoming policy meeting. Over the week US equity markets fell over 0.5% although growth outperformed value with US technology etching out a 0.5% gain. That's all for this week's AHR Weekly Podcast. Thank you for listening and for further investment insights head over to ahrprivatewealth.com. 

The Federal Reserve is expected to deliver an interest-rate cut this week, but markets may not get as many U.S. rate cuts in 2025 as they anticipate, says the Private Bank's Global Chief Investment Officer, Christian Nolting. "We do not expect the Fed to cut massively in 2025,” Christian says.U.S. retail sales figures will be important to watch in the week ahead, because “It's a very consumer-oriented economy,” Christian says. Markets will also be on alert for a read on U.S. GDP.For more investing insights, please visit deutschewealth.com In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns.Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk. The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany's Federal Financial Supervisory Authority (BaFin) and by Germany's central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States.Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group.The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2024 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121

5:07 - 5:21: Speaker’s Stump Speech on Declining Biden approval despite end of term trends that are usually the opposite. DR. AARON HEDLUND, Chief Economist at The Show Me Institute and former Chief Domestic Economist and Senior Advisor at the White House Council of Economic Advisors TOPIC: The latest inflation data | What it means for the Fed next week | A look at the situation in Europe and the position the European Central Bank (ECB) is in (cutting rates in a low-growth economy).https://aaronhedlund.com/ https://twitter.com/aaron_hedlund See omnystudio.com/listener for privacy information.

5:07 - 5:21: Speaker’s Stump Speech on Declining Biden approval despite end of term trends that are usually the opposite. DR. AARON HEDLUND, Chief Economist at The Show Me Institute and former Chief Domestic Economist and Senior Advisor at the White House Council of Economic Advisors TOPIC: The latest inflation data | What it means for the Fed next week | A look at the situation in Europe and the position the European Central Bank (ECB) is in (cutting rates in a low-growth economy).https://aaronhedlund.com/ https://twitter.com/aaron_hedlund See omnystudio.com/listener for privacy information.

Following a 25 basis point cut by the European Central Bank (ECB), host Joann Spadigam is joined by Kevin Cummins and Ross Walker to dissect the nuance of central bank positions. As we enter 2025, how are markets thinking about key economic data prints? And what are the likely cutting patterns as we proceed further into easing cycles?Remember to hit subscribe so you can listen to the latest episode in this series as soon as they're available and navigate to natwest.com/yearahead to get our views on the big themes and events moving markets and shaping the economy in 2025.NB. This episode was recorded on 12 December 2024.For any terms used please refer to this glossaryPlease view our full disclaimer here   

Investors have their eyes on Treasury yields following Monday's losses fueled partly by a yield rally. Rates could stay in focus ahead of Treasury auctions and CPI later this week.Here is Schwab's early look at the markets for Tuesday, December 10th: Major indexes begin the day licking their wounds and watching the bond market after moderate losses Monday to start a week dominated by U.S. inflation data and central bank meetings. Stocks finished near their lows yesterday, potentially putting the market in a weak spot on the charts as Tuesday dawns.Treasury yields rose across much of the curve Monday amid worries about tomorrow's Consumer Price Index (CPI) data and reaffirmation by President-elect Trump that he stands by his tariff and deportation policies, which the market see as inflationary.  Adding to pressure on bonds, which move the opposite direction of yields, was The New York Federal Reserve's November consumer inflation expectations for the year ahead climbing to 3% from 2.9% in October. That followed year-ahead inflation expectations jumping to 2.9% from 2.6% in Friday's University of Michigan's preliminary December consumer sentiment report, the highest in six months. "CPI & PPI loom large this week, and markets will be fixated on this inflation data," said Joe Mazzola, head trading and derivatives strategist at Schwab.Besides CPI, tomorrow brings a rate decision from the Bank of Canada followed by Thursday's expected rate cut by the European Central Bank (ECB). The CPI data and Thursday's Producer Price Index (PPI) could have a large impact on the U.S. rate outlook, but the Fed is seen almost certainly lowering rates when it gathers next week. Tech stumbled to start the week after driving last week's rally to record highs. The softness surfaced after China announced an anti-trust investigation into Nvidia (NVDA), which weighed on Nvidia and most other semiconductor stocks. Tech may find itself under more pressure today after Oracle (ORCL) disappointed late Monday with earnings that missed analysts' average estimate. Revenue came in as expected, dominated by AI-driven cloud performance, but shares fell 7% in pre-market trading. While Nvidia and semiconductors weighed on tech yesterday thanks partly to Beijing, not all the China news was bearish. China's Politburo shifted to looser monetary policy and promised more stimulus. This gave U.S.-listed Chinese stocks a boost and appeared to help U.S. gold mining and European luxury goods makers that might benefit from increased Chinese demand. Apple (AAPL), with a large presence in the Chinese market, registered a new all-time high Monday.  As of late Monday, traders saw an 86% chance rates will fall 25 basis points at the conclusion of the Federal Open Market Committee (FOMC) meeting December 17–18 and a 14% chance of no move, based on the CME FedWatch Tool. It's unlikely the Fed would want to rock the boat by pausing next week with the market primed for a cut. But the central bank might deliver a so-called "hawkish trim," meaning it could lower rates and also express caution in its updated projections and Fed Chairman Jerome Powell's press conference. Heading into Tuesday, the question is whether Wall Street sees any "buy the dip" action after Monday's washout. The worst performing S&P 500 sector yesterday was mega-cap dominated communication services, while only the defensive health care sector made any gains.The S&P 500® index (SPX) fell 37.42 points (0.61%) Monday to 6,052.85; the Dow Jones Industrial Average®($DJI) slipped 240.59 points (0.54%) to 44,401.93; and the Nasdaq Composite®($COMP) fell 123.08 points (0.62%) to 19,736.69.Important DisclosuresInformation on this site is for general informational purposes only and should not be considered individualized recommendations or personalized investment advice. The type of securities and investment strategies mentioned may not be suitable for everyone. Each investor needs to review a security transaction for his or her own particular situation. All expressions of opinion are subject to change without notice in reaction to shifting market, economic and geo-political conditions.Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.Investing involves risk, including loss of principal.Past performance is no guarantee of future results.The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries.Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.Spotify and the Spotify logo are registered trademarks of Spotify AB.(1124-0130)

A somewhat mixed U.S. jobs report has boosted expectations for an interest-rate cut at the Federal Reserve's last policy meeting of the year, says Deepak Puri, the Private Bank's Chief Investment Officer for the Americas. “Given the fact that the unemployment rate went up, the Fed can easily rationalise another rate cut,” Deepak says. Historically, December has tended to be a good month for the S&P 500, and Deepak says there's no reason that this year should be any different. “I would not be surprised if we added on a bit more from now until the year-end.”For more investing insights, please visit deutschewealth.com In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns.Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk. The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany's Federal Financial Supervisory Authority (BaFin) and by Germany's central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States.Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group.The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2024 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121

COP29, this year's iteration of the UN's annual climate-action conference, took place in Baku, Azerbaijan, and much of the conversation was about the cost of addressing the crisis. “Let's be blunt. The simple answer is: A lot,” says the Private Bank's ESG CIO, Markus Müller, noting that some estimates suggest the world needs to spend $200 trillion between now and 2050.But there were also points of optimism. "Climate finance has been very resilient in recent years," Markus says, "and in some areas we are making real progress." He also explained why it has been so important to bring developing and emerging economies into the conversation. "They are at the front line of climate change, and they are suffering the effects."For more investing insights, please visit deutschewealth.com In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns.Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk. The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany's Federal Financial Supervisory Authority (BaFin) and by Germany's central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States.Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group.The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2024 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121

Just ahead of Thanksgiving and with the opening of the Christmas markets in some European countries, we're taking a closer look at consumption. "So far, US consumption has been really robust," says Dirk Steffen, our Chief Investment Officer EMEA and Global Chief Investment Strategist, "which is probably also due to the fact that the US labour market is still holding up." Dirk expects relatively strong consumer activity ending the year. Aside from Black Friday, Cyber Monday and holiday shopping, activity will be further accelerated by an uptick in travel, including in other countries around the globe.He comments on the third-quarter earnings season, saying that not only have the mega-caps and growth stocks in the US delivered good results so far but that Europe has also done relatively well in terms of earnings growth. He also discusses the activities of central banks and what possible interest rate cuts could mean for the bond markets and foreign exchange.For more investing insights, please visit deutschewealth.com In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns.Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk. The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany's Federal Financial Supervisory Authority (BaFin) and by Germany's central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States.Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group.The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2024 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121

Markets have been on the rise since the U.S. election, a mood that the Private Bank's Chief Global Investment Officer, Christian Nolting, described as “euphoria” – though he said it may start to temper. “The discussion about austerity is probably gone for the time being,” and that could be inflationary and send longer-term yields higher, Christian says. “We do not expect yields to go massively lower from here.”Meanwhile, third-quarter earnings season is mostly complete, though there are still some major names left to report. “If companies continue to deliver on the earnings, that could justify higher index levels,” Christian says. In the week ahead, he says he'll be keeping an eye on whether U.S. services PMIs remain in growth mode.For more investing insights, please visit deutschewealth.com In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns.Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk. The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany's Federal Financial Supervisory Authority (BaFin) and by Germany's central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States.Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group.The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2024 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121

Donald Trump secured his victory in the U.S. presidential race, and stocks subsequently jumped. That is in part because of the speed at which the result became clear, says Deepak Puri, the Private Bank's Chief Investment Officer for the Americas. “The elections were a risk event. Elections bring uncertainty, but the memory of 2020 was quite vivid in the investor's psyche,” Deepak says. “The fact that we have a result very quickly has created this relief rally.”The Federal Reserve also delivered an interest-rate cut, and noted that inflation is now closer to its target level. “The Fed will go where the data leads us” at its next meetings, Deepak says. But markets are likely to remain attuned to the political landscape, as the Biden administration manages its last months and the new Trump administration comes into sharper focus. “The repercussions of the elections are going to be with us for some time to come.”For more investing insights, please visit deutschewealth.com In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns.Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk. The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany's Federal Financial Supervisory Authority (BaFin) and by Germany's central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States.Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group.The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2024 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121

France's public debt is very much in the spotlight. The country's recently appointed prime minister, Michel Barnier, calls it a "sword of Damocles" hanging over future generations. Indeed, for many countries, paying interest on the national debt deprives them of investing in education, healthcare, research and so on. Similar debates are happening across the EU, as the European Commission asks member states to submit their debt reduction plans. We ask Jean-Claude Trichet, former president of the European Central Bank (ECB), for his read on the debt situation, and on prospects for an overall European recovery. We also touch on EU-China relations, as a tensions come to a head over the issue of China subsidising the electric vehicles that it exports to Europe.

The question of when markets will start “pricing in” climate volatility and the energy transition is a recurring theme amongst monetary policymakers and the sustainability community. In this week's podcast, Ehsan Khoman, Head of Research – Commodities, ESG and Emerging Markets (EMEA), delves into a recent European Central Bank (ECB) report which suggests companies that are emitting the most carbon are paying rates 14 basis points higher, on average, than those charged to the ones emitting the least. Notwithstanding the challenges in zeroing in on climate risks on a standalone basis, these conclusions have profound implications for lenders and asset managers in systematically pricing in energy transition-linked risks on the path towards net zero. Disclaimer: www.mufgresearch.com (PDF)

Tom warmly receives Mel Mattison as his latest thought provoking guest. Mel, a seasoned finance professional, boasts a traditional finance background and an unyielding interest in financial history. His proficiency encompasses venture capital-backed firms, major asset managers, and self-study on intriguing topics like the monetary history of the United States and central banks. Mel's novel, "Quoz: The Annihilation of the Global Economic Order," is a financial thriller that delves into intricate themes, such as sovereign debt bubbles, globalist manipulation of institutions like central banks, and the Bank for International Settlements (BIS)'s pivotal role. The BIS, established in 1930 to manage reparations payments between Germany and the Allies, has since transformed into a dominant global financial institution. It assumed critical functions during World War II, mediating transactions between Axis powers and the Allies, and set the stage for the Euro and European Central Bank (ECB). Despite its substantial power, the BIS maintains a veil of secrecy and enjoys exclusive benefits such as immunity from prosecution. Central bank leaders convene bimonthly at the BIS headquarters in Basel to deliberate monetary policy without disclosing minutes or agendas. The BIS's involvement in central bank digital currencies, like Project Helvica and Project Jura, remains an enigma due to its lack of transparency. Mattison explores the Federal Reserve's coordinated rate cuts with global central banks and ponders the market consequences when discrepancies between central bank actions emerge. He advocates for the significance of comprehending labor market indicators, fiscal stimulus, and inflation's impact on economic expansion. Mel raises doubts about the yield curve inversion's dependability as a recession harbinger due to recent Federal Reserve manipulations and excessive short-term debt issuance. Entitlement programs like Social Security and Medicare are edging towards insolvency, posing potential repercussions like higher interest rates, increased debt, and inflation around 2027-2028. Mel deliberates on the potential fallout of a debt market crisis on pension funds and alternative assets, such as gold, silver, and Bitcoin. He anticipates volatility in the equity market during this critical juncture and proposes that an extreme situation could involve the U.S. Treasury revaluing gold against the dollar in an emergency maneuver, drastically altering financial markets. Time Stamp References0:00 - Introduction0:32 - Mel's Background6:35 - BIS Global Role13:12 - Immunity Vs. Incentives15:16 - Central Banks & US Rates21:20 - C.B. Magic Hats25:55 - Rate Controls & Signals33:10 - Inversions & Recession36:08 - Yellen Debt Issuance40:30 - Entitlement Programs47:10 - The Entitlement Cliff50:24 - Blowout Debts & Pensions54:33 - Treasury Gold Talking Points From This Episode: Mel Mattison discusses BIS's pivotal role in global finance, its secrecy, and potential impact on digital currencies. Mattison raises concerns over yield curve inversion's reliability as a recession indicator amid Federal Reserve manipulations. Mel explores the implications of debt market crises on pension funds and alternative assets. Bitcoin. Guest Links:Website: https://www.MelMattison.com/QuozTwitter: https://twitter.com/MelMattison1LinkedIn: https://www.linkedin.com/in/melmattison/ Mel Mattison is a writer, investor, and financial services veteran. Leveraging over twenty years' experience in the realm of high finance, he brings real-world authenticity to his fictional narratives. Mel combines this insider knowledge with a critical eye toward the economic forces that shape all our lives. With a knack for deconstructing jargon and making the complex understandable, he sheds light on the sometimes dark and confusing corners of finance. Mel holds an MBA from Duke University and studied creative writing at Loyola University Chicago.

TNT Radio host Patrick Henningsen speaks with independent French researcher and journalist Freddie Ponton, about Dutch politician Mark Rutte who's set to become NATO's new Secretary General. Freddie carries on with an in-depth analysis of the impact the recent Right populist's parties victory at the European Elections has had on the EU bloc which is currently fast-tracking the process of securing EU top positions for the next 5 years to prevent their noticeable advance. Freddie also explains how the EU and the European Central Bank (ECB) are weaponising the interest rates to hinder the democratic process while the U.S. is looking at ways to keep its grip on the EU's new political landscape reality. More from Freddie: X/Twitter  TUNE-IN LIVE to TNT RADIO for the Patrick Henningsen Show every MON-FRI at 4PM-6PM (NEW YORK) | 9PM-11PM (LONDON) https://tntradio.live

In this episode of Current Account, Clay is joined by Marcelo Carvalho, Global Head of Economics at BNP Paribas CIB, to discuss the recent decision by the European Central Bank (ECB) to cut interest rates. The episode includes discussing the thought process by the .25% rate cut, an unprecedented aspect of the ECB's decision, whether more rate cuts are to come, how events in Europe may have impacted this decision and more.

In this episode, we discuss the recent rate cuts by the Bank of Canada and the European Central Bank (ECB), marking significant moves in the global financial landscape. We analyze the implications of these cuts for the U.S. economy, the dollar, and trade. With a crucial U.S. jobs report on the horizon, we explore how it could influence future rate cuts by the Federal Reserve. Additionally, we delve into market reactions, share insights from recent earnings reports, and highlight the importance of financial education and networking in the current economic climate. [0:00] Bank of Canada and ECB Rate Cuts - Analysis of the first rate cuts by G7 nations and their potential impact. [1:10] Sticky Inflation Concerns - Despite high shelter inflation in Canada, rate cuts proceed, indicating a shift in central bank strategies. [2:52] European Central Bank's Inflation Forecasts - The ECB's revised inflation expectations for 2024 and 2025 and their implications. [3:25] U.S. Jobs Report Significance - How tomorrow's jobs report could make or break the likelihood of a September rate cut. [5:50] Market Expectations and Reactions - Discussing market predictions and reactions to potential rate cuts. [7:57] Shoutout to the Community - Acknowledging the support and participation of the daily live stream audience. [8:37] Importance of Networking and Education - Opportunities to interact with experts like Jonathan Twombly and Greg Dickerson in the school community. [10:38] Recent Earnings Reports - Highlights from Lululemon, Five Below, and Costco's earnings and their market implications. [11:17] Bankruptcy Trends and Consumer Behavior - Insights from Lisa Song Sutton on the rise in Chapter 7 bankruptcies and its impact on consumer markets. [14:31] Tech Layoffs and Labor Market Dynamics - Explaining why tech layoffs haven't significantly impacted the unemployment rate. One Rental at a Time: Access resources and join the school community. Lisa Song Sutton Interview: Watch the interview discussing bankruptcy trends (link is illustrative). Join the School Community: Sign up for special content and expert sessions (link is illustrative). Thank you for tuning in to today's episode. If you found our discussion insightful, please rate, follow, share, and review our podcast. Your support helps us continue to deliver valuable content. Stay informed, stay proactive, and remember, understanding market dynamics and networking with experts is key to navigating these economic shifts.

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into PMI data, employment data, Fed rate cuts, and the stock and bond markets. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyGeorge Mateyo, Chief Investment OfficerRajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities01:37 – The Manufacturing Purchasing Manager's Index (PMI) was reported at a lower figure for the month of May, which is also down from the month of April, revealing a slowdown in the economy02:48 – Comments on the recent employment data released this week, and how it may contribute to the Fed postponing a rate cut in July 05:07 – As economic data was released this week, yields were affected causing a spike in the 2 Year Treasury yield and an 8-point basis jump, essentially confirming there will be no rate cut in July09:02 – While the U.S. plans to stay higher for longer, international markets like the European Central Bank (ECB) implemented a rate cut this past week as they're willing to cut first and await the outcome10:22 – While the U.S. economy seems to be diversified, the stock market is not, as the spotlight appears to be on tech companies, such as NVIDIA, since they have been contributing to an increase in gains with the S&P 500 and an increase in earnings15:46 - 17:34 – Final remarks about continuing to stay focused on quality portfolios and staying diversifiedAdditional ResourcesKey Questions: How Much Longer Can the US Consumer Carry the Economy? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

The European Central Bank (ECB) is expected to announce a quarter of a per cent cut in interest rates. Jerry got the reaction of Lisselton’s Pádraic Kissane of Pádraic Kissane Financial Services.

In this week's Market Minutes recap, hear from our team of investment experts as they share their perspectives on the latest market and economic activity. Our panel shares detailed insights into the Beige Book report, PCE inflation, the ECB, the equities market, our perspective on international markets, and Key Wealth's upcoming National Call. Speakers:Brian Pietrangelo, Managing Director of Investment StrategyDonald Saverno, Director of Multi-Strategy Research Rajeev Sharma, Head of Fixed IncomeStephen Hoedt, Head of Equities 01:38 – The Fed's Beige Book report was released highlighting economic activity, retail spending, credit standards, and employment03:33 – The overall Personal Consumption Expenditures (PCE) inflation index for April came in at 2.7% year-over-year, and the Core PCE inflation index reported 2.8% year-over-year. Both data points remained the same from March04:42 – Following the release of the PCE inflation index, we hear comments on what we can expect regarding anticipated rate cuts from the Fed for the remainder of the year08:25 – Remarks on the European Central Bank (ECB) potentially administering a rate cut before the U.S. Federal Reserve09:24 – Since NVIDIA has reported their earnings in the week prior, the equities market has increased trading efforts and looks to be experiencing a small pause 13:06 – Comments on the qualitative and quantitative data that shows the outperformance of U.S. markets vs. international markets and why remaining diversified in non-US equities can be valuable over the long-term17:34 - Final remarks about continuing to stay focused on quality portfolios and staying diversified, along with Key Wealth's upcoming National Call on Wednesday, June 5thAdditional ResourcesKey Questions: How Much Longer Can the US Consumer Carry the Economy? | Key Private BankKey Questions | Key Private BankSubscribe to our Key Wealth Insights newsletterEconomic & Market ResearchWeekly Investment BriefFollow us on LinkedIn

The Eurozone remains vulnerable to global supply shocks, including through rising food prices resulting from climate change and extreme weather patterns. How should the European Central Bank (ECB) navigate these headwinds? Economist Tomas Dvorak of Oxford Economics weighs in. Image Credit: Pexels.com

In this episode of the IIF Global Regulatory Update Podcast, we host Paul Hiebert, Head of Systemic Risk & Financial Institutions Division at the European Central Bank (ECB) and Co-Chair of the ECB/ESRB Project Team on Climate Risk. The discussion centers around the recent ECB/ESRB report titled “Towards Macroprudential Frameworks for Managing Climate Risk,” which introduces a surveillance framework for assessing the impact of climate-related risks on the EU financial system. Opening with an overview of the report's context, the podcast delves into comparisons with ECB/ESRB climate scenario analyses exercises and highlights key charts for listeners. The discussion then explores the new surveillance framework, focusing on metrics and indicators, and delves into the report's key findings for the banking, insurance and non-banking sectors, respectively. The conversation extends to policy considerations, discussing the report's menu of options for macroprudential authorities and the relationship with existing measures by financial sector supervisors. The episode concludes with initial insights into nature-related financial risks, their significance compared to climate-related financial risks, and a glimpse into the ECB/ESRB Project Team's future plans.

Finally, you can easily access Bitcoin in a low-cost ETF with the VanEck Bitcoin Trust (HODL). Visit https://vaneck.com/HODLFG to learn more. VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/hodlprospectus/ __ Dr. Ingo Sauer of Goethe University Frankfurt joins Forward Guidance to share findings from his 360 paper on Hyperinflation in 1923 and its connection to central bank insolvency. Sauer argues that severe impairment of central bank assets, and not the printing of vast amounts of central bank liabilities (money), was the primary cause of extreme inflation witnessed 101 years ago in Germany, Austria, Hungary and Poland. Sauer inverts the causal line of exchange rate depreciation, money supply increase, and inflation, and he also shares his concern about the current state of the balance sheet of the European Central Bank (ECB). Filmed on March 5, 2024. __ Ingo Sauer's YouTube channel: https://www.youtube.com/@wissenhatkeineneigentumeri9889 Ingo Sauer's 360 page paper, “The Lessons from 1923 for the Euro Area: Enlightening the Dark Side of (In-) Solvent Central Banks' Balance Sheets”: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4620462 Follow VanEck on Twitter https://twitter.com/vaneck_us Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ __ Timestamps: (00:00) Introduction (00:56) Overview Of Dr. Sauer's Theory On The Ultimate Cause of Hyperinflation: Central Bank Insolvency (07:05) Dr. Sauer's Concerns About The Euro (11:22) Setting The Stage For German Hyperinflation in 1923 (14:33) The German Mark During World War I (21:40) The Assets Of The Reichsbank Increasingly Became Dominated By German Government Obligations (Not Commercial Bills / Collateral Advances / Gold) (30:03) Central Bank Insolvency (Not Money Supply Increase) Caused Hyperinflation in 1923 (34:53) VanEck Ad (36:48) Failed Attempts To Stabilize German Mark And Inflation, 1919-1922 (41:44) Reichsbank's Holdings Of German Treasury Bills Highly Correlated To (In)Solvency Factor (45:01) Explaining Sauer's "Solvency Factor" (47:29) The Mark's Short-Lived Rally In 1920 (51:10) Marker (57:09) The Mechanics Of Central Bank Insolvency (59:40) Reichsmark Insolvency Led To Depreciation Of The Mark, Which Led To Hyperinflation (01:02:34) Money Supply Did Not Cause Hyperinflation, Argues Sauer (01:15:09) The Explosion In Reichsbank's Money Supply Was Mostly Paper Cash, Not Bank Reserves (01:23:03) Reparations' Impact On German Solvency (01:27:22) The Rentenmark And The Halting Of German HyperInflation (01:30:47) Central Bank Profits and Yield Curve Dynamics (01:34:58) European Debt Crisis (2009-2015) (01:36:45) Fed As Dealer Of Last Resort, European Central Bank (ECB) As Market Maker Of Last Resort (01:38:06) ECB Is Less A Central Bank And More Of A "Headquarters" For Domestic Euro Central Banks (such as Bank of France, for example) (01:40:23) Origin Of Fed, And Clearinghouse Loan Certificates As National Currency Before The Fed (01:44:18) Why Has ECB Balance Sheet Expansion Post 2008 Coincided With Disinflation (Or Deflation), And Not Hyperinflation? (01:47:44) Sauer's Fears About The ECB And The Euro (02:00:46) The Mechanics Of Monetary Financing (02:18:32) Interest Rate Risk Is Not A Systemic Concern __ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Layer Two Labs Initiative: While specific details from the link are not provided directly, Layer Two Labs is presumably involved in the development and enhancement of blockchain technologies, particularly focusing on "Layer 2" solutions aimed at scaling and improving efficiency beyond the base layer (Layer 1) of blockchains like Bitcoin and Ethereum. This focus is crucial for addressing issues such as transaction speed, costs, and network congestion.Bitcoin's Inflation-Adjusted High: Analysis from Decrypt highlights that, when adjusted for inflation, Bitcoin's price could be considered at an all-time high. This perspective offers a nuanced view of Bitcoin's value, considering the global inflationary context, and positions Bitcoin as a potential inflation hedge, challenging conventional market assessments based on nominal prices alone.ECB Advisors on Bitcoin's Value: Advisors to the European Central Bank (ECB) have issued a stark assessment, suggesting that Bitcoin has failed as a currency and its fair value might be zero. This viewpoint reflects ongoing skepticism from some traditional financial sectors regarding the intrinsic value and utility of Bitcoin, underscoring the divide between digital asset proponents and traditional financial institutions.England's Crypto Property Legislation: The Law Commission in England is moving forward with consultations to potentially classify cryptocurrencies as property. This legal development is significant as it would provide a solid foundation for the ownership, transfer, and litigation of digital assets, aligning them more closely with traditional property rights and potentially enhancing their legal clarity and market confidence.________News Links

Regulators and banks, aware that early detection may not prevent a bank run, are focused on staying alert to avoid being surprised, as indicated by sources familiar with their mindset. The European Central Bank (ECB), while declining to comment directly, acknowledged in their November financial stability review that social media accelerates information dissemination but can also instigate or intensify financial shocks. Let's take a look at what's happening in the news. Subscribe & click the

Become a Client: https://nomadcapitalist.com/apply/ Get our free Weekly Rundown newsletter and be the first to hear about breaking news and offers: https://nomadcapitalist.com/email Get on the waiting list and join us for the next Nomad Capitalist Live: https://nomadcapitalist.com/live/ Earlier this year, the European Commission made a significant stride by proposing a comprehensive legal framework set to usher in a central bank digital currency (CBDC) within the Eurozone's 20 member states. The European Central Bank (ECB) had previously outlined plans for the digital euro, which could potentially debut by 2027, offering consumers the ability to transact with “public money” seamlessly both online and offline. In a most recent update, ECB president Christine Lagarde provided further insights into the bloc's CBDC efforts, most notably the security and anonymity of the upcoming digital asset. Uncover the truth about Central Bank Digital Currencies in Europe! Join us as we expose the misleading statements, privacy concerns, and potential risks surrounding the digital Euro. Nomad Capitalist has served as the “architect” and “general contractor” for 1,500+ clients who wanted one company to manage their holistic plans. We help these clients keep more of their wealth, increase their personal freedom, and protect their families and wealth against current and future threats at home. Our in-house team of researchers, strategists, and executioners know more about these strategies than just about anyone. We've also spent more than a decade building a trusted network of attorneys, accountants, real estate agents, and others to assist our clients. As a result, our approach is not only holistic, but agnostic; we offer our clients advice on and options in 90+ countries, more than any other firm by far. If you're looking to diversify internationally, whether for lower taxes or as a “Plan B”, trust the industry pioneers at Nomad Capitalist and our experience serving the needs of globally-minded entrepreneurs and investors. Become Our Client: https://nomadcapitalist.com/apply/ Our Website: http://www.nomadcapitalist.com/ About Our Company: https://nomadcapitalist.com/about/ Buy Mr. Henderson's Book: https://nomadcapitalist.com/book/ DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.

Yves Mersch, a former governor of the Central Bank of Luxembourg and member of the executive board of the European Central Bank (ECB), recently shared his valuable insights on the world of cryptocurrency, its regulation, and the distinct significance of Bitcoin SV. In a candid conversation with Charles Miller on CoinGeek Conversations, Yves provided clarity on these complex topics in a straightforward yet insightful manner. The Role of Central BanksYves began by emphasizing the important role of central banks in safeguarding a nation's currency. He stated, "as a regulator, the ECB has a mandate to defend a currency which is supposed to be stable." Central banks like the ECB are entrusted with the responsibility of ensuring the stability of their respective currencies and facilitating secure and efficient payment systems. Embracing Technological InnovationIn the realm of financial innovation, Yves highlighted the positive stance of central banks. He explained, "the ECB has always considered innovation in the financial area as something positive because the ECB is supposed to work in a functioning market economy." The pursuit of technological advancement to enhance competitiveness and support economic growth has been a consistent focus for central banks. Balancing Innovation and RiskYves pointed out that any financial innovation, including cryptocurrencies, is subject to careful scrutiny. "ECB has all the ways to analyze what are the potential benefits for society at large and for the institution, and what are the risks that come with these benefits." Central banks must assess the potential benefits to society and the institution against the associated risks. Unique Risks in the Crypto WorldYves noted the distinctive risks posed by the crypto world. He stated, "you rely on the technology which is highly decentralized and where you have risks which are also risks that you find in the traditional financial world." Additionally, the crypto world introduces governance risks due to its lack of a clear liability structure. These governance issues add to the traditional financial risks inherent in any financial instrument. Challenges in Global RegulationAddressing the subject of global cryptocurrency regulation, Yves acknowledged the problems, saying, "unfortunately, this is very difficult." He explained that international bodies like the Financial Stability Board, G20, and others issue recommendations rather than binding regulations. Jurisdictions are encouraged to implement these recommendations in their national legislation but achieving a universal, comprehensive regulatory framework remains challenging. Systemic Risks Posed by Tech CompaniesYves delved into the potential risks of major tech companies launching successful cryptocurrencies. He noted that these entities, due to their substantial customer bases, could influence monetary policy through their stablecoins. "That could distort the monetary policy transmission mechanism," Yves cautioned. Without direct access to central banks, these companies would rely on intermediaries for liquidity, potentially disrupting monetary transmission. Role of CBDCsThe topic of Central Bank Digital Currencies (CBDCs) also came up in the conversation. Yves clarified that CBDCs are designed to complement existing financial instruments rather than replace them. They aim to provide central banks with a digital presence while retaining the fundamental attributes of cash in a digital form. The Bitcoin SV DistinctionIn the midst of this insightful conversation, Bitcoin SV emerged as a prominent player. Yves Mersch's perspective sheds light on the unique attributes that make Bitcoin SV stand out in the ever-expanding world of cryptoc