In this week’s CIO Weekly Investment Outlook podcast, hear from the Private Bank’s Chief Investment Officer, Christian Nolting as he looks at some of the factors that have been driving equity markets higher in recent weeks.

With U.S. core inflation peaking given the softer-than-expected July CPI data reading on August 10, market sentiment may have shifted from “fear of inflation” to “fear of recession”. Tune in to this week’s podcast to hear whether Christian thinks the U.S. equity rally still has any more “room to run.”


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.

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Weekly Investment Outlook: August 1, 2022 – Good news or bad?

Deepak Puri, Chief Investment Officer for the International Private Bank in the Americas, looks back at a stronger July for global equity indices following very decent Q2 earnings reports from some of the tech majors in the U.S. He also dives into an analysis of last week's 75 basis point rate-hike by the U.S. Federal Reserve, and what this might mean for the markets in August.

Weekly Investment Outlook: July 25, 2022 – The Three Cs Surprise – Central banks, Companies, and China

Stefanie Holtze-Jen, the Private Bank’s Chief Investment Officer for Asia Pacific, considers the new trend of central banks surprising with accelerated rate hikes, with all eyes now looking to the United States FOMC meeting this Wednesday and forward signals from the Federal Reserve Chair, Jay Powell.

At the same time, company earnings season is underway, with some companies announcing surprising and notable changes in hiring plans. Whilst in Asia, China’s property market continues to draw attention.

Weekly Investment Outlook: July 18, 2022 – Staying the course

Tune in to this week’s CIO Weekly Investment Outlook podcast, to hear from the Private Bank’s Chief Investment Officer, Christian Nolting as he takes stock of a difficult week for global financial markets following a slew of negative economic and political driven developments.   

Energy supply concerns, extreme weather events, persistently high inflation readings and the prospect of more aggressive central bank rate rises have the potential to have a negative impact on the markets, but despite this, Christian discusses the importance of ‘staying the course’ with long term investment strategies.

Weekly Investment Outlook: July 11, 2022 – It’s all in the numbers

In this week’s CIO Weekly Investment Outlook podcast, Deepak Puri, Chief Investment Officer for the International Private Bank in the Americas dives into an analysis of the U.S. Federal Reserve’s June meeting minutes and last Friday’s non-farm payrolls print. The U.S. economy added 372,000 jobs in June amid strong labour demand, defying expectations of a sharper slowdown.

Tune in to this week’s podcast to see what Deepak thinks this and the upcoming second quarter company earnings season might mean for the markets, as the latest data could lead the Federal Reserve to continue on its hawkish path by raising interest rates to stamp out persistently high inflation.

Weekly Investment Outlook: July 4, 2022 – Recalibrating the forecasts

Tune in to this week’s CIO Weekly Investment Outlook podcast, Stefanie Holtze-Jen, Chief Investment Officer in the Asia Pacific speaks about last week's ad-hoc CIO Day, where a number of the CIO’s forecasts were updated in light of ongoing inflationary expectations, central banks dialectic and continued volatility on global markets.

This week is an important one on the data front, both in the U.S. and in Asia. Tune in to hear Stefanie talk through what these indicators might mean for the markets in the week ahead.

Weekly Investment Outlook: June 27, 2022 – How dark are those clouds on the horizon?

Tune in to this week’s CIO Weekly Investment Outlook podcast, to hear from Dirk Steffen, Global Chief Investment Strategist of the Private Bank as he takes stock of a bleak economic outlook after economists warn a recession in the U.S. and Europe looks ‘increasingly likely’.  

Energy supply concerns and aggressive central bank rate rises have the potential to slow the global economy significantly, but with main asset classes currently available at a substantial discount and a U.S. Federal Reserve hiking cycle already baked into bond prices, could the upcoming Q2 earnings season be the catalyst to buy?  

Weekly Investment Outlook: June 20, 2022 – Keeping the faith

Tune in to this week’s CIO Weekly Investment Outlook podcast, to hear from Dirk Steffen, Global Chief Investment Strategist of the Private Bank as he looks back at a difficult week for global markets after the U.S. Federal Reserve, Swiss National Bank and the Bank of England all raised borrowing costs.

The macroeconomic and investment environment could remain fragile for the foreseeable future, so Dirk thinks investors need to “keep the faith” with their long-term portfolio investment in order to shield their investments from risks and take advantage of bespoke opportunities when they arise.

Weekly Investment Outlook: June 13, 2022 – Up, up and away!

As the headline of this week’s podcast suggests, Stefanie Holtze-Jen, our Chief Investment Officer in Asia Pacific, looks back at a series of rate hikes from central banks across the world, from the European Central Bank to the Reserve Bank of Australia, with more expected to come.

Supply chain pressures and ongoing inflation concerns continue to persist, with investors focused on a host of data points due out this week, including a key FOMC meeting in the U.S. along with the Shangri-La Dialogue in Singapore set to be important markers for sentiment in the days ahead.

Weekly Investment Outlook: June 6, 2022 – Are we out of the woods yet?

This week Deepak Puri, Chief Investment Officer for the International Private Bank in the Americas looks back at a busy week in the U.S. and gives his take on the latest U.S. labour market data, China’s easing of Covid measures and what it means for global supply chain pressures.

Looking ahead, CPI data in the U.S. and the upcoming ECB meeting will impact market sentiment over the course of the week. Tune in to this week’s podcast with Deepak Puri and get the latest market views.

Weekly Investment Outlook: May 30, 2022 – A chicken run!

This week Stefanie Holtze-Jen, Chief Investment Officer of Deutsche Bank's International Private Bank in Asia Pacific, looks back at a calmer week for equity markets with improved risk sentiment driving a more positive risk-on scenario.

Supply chain pressure and ongoing inflation concerns continue to dominate the minds of investors however, with governments from the U.K. to India and Malaysia introducing measures to protect consumers from rising living costs – in Malaysia’s case including a ban on chicken exports! 

Weekly Investment Outlook: May 23, 2022 – Heading back to neutral

This week Christian Nolting, Global Chief Investment Officer of Deutsche Bank's Private Bank, gives us his insights into the ongoing market volatility and recessionary fears.

The search for the circuit breaker remains a key theme for market observers, including our CIO office, which is why Christian thinks it might be time to cautiously reposition portfolios to a more neutral position on equities.

Weekly Investment Outlook: May 16, 2022 – In search of the circuit-breaker

Dirk Steffen, Global Chief Investment Strategist of Deutsche Bank's Private Bank, gives us his insights into last week’s CIO day and analyses the anatomy of the recent market sell-off.

The CIO house view on most asset classes remains constructive over the next 12 months, but the current market volatility gets the most airtime in this week’s podcast, as Dirk explains what it’s going to take – the circuit-breaker – to reverse ongoing declines and negative investor sentiment across most markets.

Weekly Investment Outlook podcast: May 9, 2022 – Digesting the new reality

Dirk Steffen, Global Chief Investment Strategist of Deutsche Bank's Private Bank, looks back at a busy week for central banks, as the U.S. Federal Reserve, the Bank of England and others raised their baseline interest rates, contributing to extraordinary volatility.

Dirk reflects on the best European earnings season versus expectations for 10 years in an environment where long-term U.S. treasuries are yielding over 3% with unemployment at pre-pandemic lows. Defining this new reality and making sense of what it means for markets is not an easy task, yet Dirk is not as bearish as others on the Street.

Weekly Investment Outlook: May 2, 2022 – What side of the fence are you on?

In this week’s CIO Weekly Investment Outlook podcast, Deepak Puri, Chief Investment Officer for the International Private Bank in the Americas looks back at a busy week for first quarter earnings and gives his take on what persistently high U.S. inflation and global macro uncertainties might mean for the markets.

According to Deepak, in one sense, company earnings are showing a net positive outlook, but when you combine these with an environment where the market is expecting the U.S. Federal Reserve to raise rates by up to 50 basis points this week, as well as ongoing geopolitical tensions and supply chain pressures continuing to create uncertainty, the question remains; can these good results continue?

Further insights

Follow the link below for further insights from our Chief Investment Office, including our latest quarterly outlook.


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 content and materials on this website may be considered Marketing Material. 
The market price of an investment can fall as well as rise and you might not get back the amount originally invested.  The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. Please consider the sales restrictions relating to the products or services in question for further information. Deutsche Bank does not give tax or legal advice; prospective investors should seek advice from their own tax advisers and/or lawyers before entering into any investment.

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