CIO Publications

Gain expert perspective on the potential risks and opportunities ahead in the latest reports published by our global Chief Investment Office (CIO).

Latest publications

CIO-ESG-Survey-2023.webp

CIO Special report

ESG Survey 2023: Sustainable transition and investment

Over the last three years, our annual survey has examined our private, business and institutional clients’ attitudes to the multiple dimensions of ESG (environmental, social and governance) investing. This year, we had 1,759 responses to our survey, double the 849 received in 2022.

Nov. 22, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

China: Some positive signals starting to show

Fresh economic data and easing geopolitical tensions point to a potential outperformance for Chinese stocks in the coming quarters.

Nov. 16, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

U.S. CPI: Calling time on rate hikes

U.S. inflation fell more than expected in October, lifting stock markets and reducing expectations for an interest-rate rise from the Federal Reserve in December.

Nov. 14, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

Indonesia: Q3 GDP slowed with weaker exports

Indonesia’s Q3 GDP came in below expectations, but the country remains among the fastest growing Asian economies.

Nov. 07, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

Nonfarm payrolls: Labor market sends soft landing signals

Official U.S. employment data for the month of October pointed to much-needed softening of the labor market and reinforced the Fed’s stance to keep rates steady.

Nov. 03, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

Bank of England: rates unchanged in hawkish pause

The Bank of England left interest rates unchanged as expected, and predicted that the U.K. government would meet its goal of halving inflation by the end of the year.

Nov. 02, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

FOMC: Keeping the door open

The Federal Reserve left interest rates unchanged, but emphasized that inflation remains “elevated” and that it is committed to bringing it down to the ideal 2%.

Nov. 01, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

Japan: mild tweak to monetary policy

The Bank of Japan is performing a balancing act between managing domestic growth, reaching its inflation target, and factoring in the depreciation of the yen.

Oct. 31, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

ECB keeps monetary policy unchanged

The European Central Bank left interest rates unchanged - and interest rate cuts are not expected in the near future.

Oct. 26, 2023


CIO Special | Deutsche Bank Wealth Management

CIO Special report

ESG & investment performance: think strategically

The key to sustained long-term returns from ESG investment is effective strategic asset allocation.

Oct. 24, 2023


CIO Special | Deutsche Bank Wealth Management

CIO Special report

Smart mobility: switch, optimise, prioritise

Once we looked to technology to make transportation systems cheaper, faster or safer. But “smart mobility” needs to be more sustainable too - and the primary challenge may be social in nature.

Oct. 20, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

China: Recovery regains momentum in Q3

China's gross domestic product for the third quarter beat analysts' expectations, but headwinds from the weak property sector and uncertainty from geopolitical tensions persist.

Oct. 18, 2023


ff-sustainable-cities copy.webp

Future Fundamentals podcast

Sustainable cities

The Private Bank’s ESG CIO Markus Müller and Dr. Philipp Rode of the London School of Economics (LSE) look at how cities can adapt to increasing social, economic and environmental pressures in an ever-more urbanised world.

Oct. 17, 2023


CIO Special | Deutsche Bank Wealth Management

CIO Special report

Rise in Italian government bond spreads

The recent discussions regarding looser fiscal policy in Italy have exacerbated the volatility on the bond market, leading to a moderate widening of its spreads.

Oct. 13, 2023


CIO Special | Deutsche Bank Wealth Management

CIO Special report

What Global South developments mean for Asia

The expansion of the BRICS coalition, with six nations set to join at the start of 2024, will provide the group with increased access to mineral resources and impact global supply chains.

Oct. 12, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

U.S. CPI: Core remains in focus

Slightly stronger-than-expected U.S. inflation data for September might not be enough to persuade the Fed to act at its next policy meeting, although a further rate hike in November can’t be completely ruled out.

Oct. 12, 2023


CIO Special | Deutsche Bank Wealth Management

CIO Special report

ESG investment: understanding system changes

Environmental constraints mean that system changes will be necessary to meet four key human demands –for energy, food, manufacturing and mobility.

Oct. 11, 2023


CIO Memo | Deutsche Bank Wealth Management

Stocks

Nonfarm Payrolls: September strength gives rates a further lift

The September nonfarm payrolls report saw labor markets strongly surpass forecasts, raising expectations for an interest-rate increase at the next Federal Reserve meeting.

Oct. 06, 2023


CIO Insights Q4 2023 Update | Wealth Management

CIO Insights quarterly report

At a crossroads? – our Q4 2023 update

Our latest CIO Insights quarterly provides an update on our economic and investment outlook for the fourth quarter of 2023 and beyond.

Sep. 27, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

Japan: ultra-loose monetary policy maintained amid uncertainties

The Bank of Japan left its negative interest rate and yield curve control parameters unchanged in light of the “extremely high uncertainties” in the growth and inflation outlook globally and in Japan.

Sep. 22, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

FOMC: Braced for (soft) landing?

The Federal Reserve lifted its economic projections for the year and left interest rates unchanged, but reiterated that future policy decisions will depend on economic data.

Sep. 21, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

BoE pauses after easing inflation

The Bank of England decided on a knife-edge vote to leave interest rates unchanged, but left the door open for further increases in the future to get inflation under control.

Sep. 21, 2023


CIO Special | Deutsche Bank Wealth Management

CIO Special report

Strengthen the competitiveness of the German economy

The German economy is faltering and there is a growing debate about the appropriate policy response, but we remain confident that the country can address its structural challenges.

Sep. 15, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

China: macro stabilising and RRR cuts

China’s economic indicators for August showed signs of improvement, but market sentiment toward the country's equities could remain relatively weak.

Sep. 15, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

Fighting Inflation with 4%

The eurozone interest rate peak seems to have been reached – but rates will likely need to remain high for a longer period of time to get inflation under control.

Sep. 14, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

U.S. CPI: Uptick keeps the Fed on their toes

U.S. inflation came in higher than expected for the month of August, but not enough for investors believe it would change the Federal Reserve's expected course of action.

Sep. 13, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

Japan: end of negative interest rate regime in sight

Over the weekend, the Bank of Japan (BoJ) Governor Kazuo Ueda announced that Japan could soon end its decades-long negative interest rate regime.

Sep. 11, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

China: more property stimulus measures

Chinese regulators announced more supportive measures to support the property market, including reducing downpayments and lowering mortgage rates.

Sep. 04, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

Nonfarm payrolls: Summer lows

The August U.S. jobs report showed a combination of higher unemployment and slower wage growth, increasing expectations that the Federal Reserve would leave interest rates unchanged at its next meeting.

Sep. 01, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

Nonfarm payrolls: Summer lows

The August U.S. jobs report showed a combination of higher unemployment and slower wage growth, increasing expectations that the Federal Reserve would leave interest rates unchanged at its next meeting.

Sep. 01, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

China: equities rebound on supportive measures

Chinese regulators announced a slew of measures to support equities, and we expect more aggressive stimulus ahead, especially in the property market.

Aug. 28, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

China: equities rebound on supportive measures

Chinese regulators announced a slew of measures to support equities, and we expect more aggressive stimulus ahead, especially in the property market.

Aug. 28, 2023


CIO Special | Deutsche Bank Wealth Management

CIO Special report

Land resources: Conservation and regeneration

Our planet provides an abundance of land-based resources that we use to meet our needs, but just five key demand areas - cement, aluminium, steel, plastics, and food - account for around 37% of global CO2 emissions.

Aug. 22, 2023


future-fundamentals-podcast-measuring-esg.jpg

Future Fundamentals podcast

Measuring sustainability

Deutsche Bank Private Bank’s ESG CIO Markus Müller and Anna Katharina Mayer, Club of Rome member and FindingSustainia co-founder, look at the complex issues around measuring sustainability – in other words, how we assess the real impact of corporate, government and individual actions on the natural world around us.

Aug. 21, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

China: Rate cuts amid economic weakness

China released weaker-than-expected industrial production and retail sales data and the country's central bank delivered earlier-than-expected interest-rate cuts.

Aug. 15, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

China: Rate cuts amid economic weakness

China released weaker-than-expected industrial production and retail sales data and the country's central bank delivered earlier-than-expected interest-rate cuts.

Aug. 15, 2023


CIO Special | Deutsche Bank Wealth Management

CIO Special report

Corporate bonds in the U.S. and Eurozone – risks and opportunities

The ratings for investment-grade corporate bonds in the U.S. and the Eurozone have developed positively recently - despite difficult economic conditions.

Aug. 11, 2023


CIO Special | Deutsche Bank Wealth Management

CIO Special report

China: Looking beyond the near-term challenges

The Chinese government has left no doubt that it is serious about addressing the country's sluggish growth with targeted support measures, but recent economic data confirm the near-term challenges.

Aug. 11, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

U.S. CPI: Moderating but still elevated

Slightly better-than-expected U.S. inflation data reinforced expectations that the Federal Reserve may not increase benchmark interest rates in September.

Aug. 11, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

U.S. CPI: Moderating but still elevated

Slightly better-than-expected U.S. inflation data reinforced expectations that the Federal Reserve may not increase benchmark interest rates in September.

Aug. 11, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

India: RBI - Rate pause continues, hawkish tone rises

The Reserve Bank of India paused on interest-rate increases for the third consecutive time, with statements conveying this to be a hawkish hold.

Aug. 10, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

India: RBI - Rate pause continues, hawkish tone rises

The Reserve Bank of India paused on interest-rate increases for the third consecutive time, with statements conveying this to be a hawkish hold.

Aug. 10, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

Nonfarm payrolls: Labor market slowly cools

The U.S. jobs report for July showed further signs of cooling in the labor market but did not appear to alter expectations for the Federal Reserve's next policy decision.

Aug. 04, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

U.S. rating downgrade: latest update

Fitch Ratings surprised markets with a downgrade for longer-term U.S. sovereign debt, pointing to the protracted negotiations around the debt ceiling and noting that “cliff-edge” resolution talks have become more frequent in recent years.

Aug. 03, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

BOE: Opting for a softer hike

The Bank of England raised its key interest rate as expected, and the central bank's governor said that it was too early to declare victory in the fight against inflation.

Aug. 03, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

BOE: Opting for a softer hike

The Bank of England raised its key interest rate as expected, and the central bank's governor said that it was too early to declare victory in the fight against inflation.

Aug. 03, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

U.S. rating downgrade: latest update

Fitch Ratings surprised markets with a downgrade for longer-term U.S. sovereign debt, pointing to the protracted negotiations around the debt ceiling and noting that “cliff-edge” resolution talks have become more frequent in recent years.

Aug. 03, 2023


Rainforests: the Earth’s green lung | Deutsche wealth management services

CIO Nature Series

Rainforests: the Earth’s green lung

Rainforests provide invaluable ecosystem services supporting climate management, biodiversity, and rural livelihoods—but they are also fragile. In this publication, we focus on four key concerns: deforestation, climate change, poaching and illegal trade, and mining and oil extraction

Aug. 02, 2023


CIO Special | Deutsche Bank Wealth Management

CIO Special report

Global Banks: Complex challenges and compelling opportunities

In the medium term we continue to favour European banks over their U.S. peers, but note that investors willing to look beyond the short-term headwinds may find interesting opportunities in the U.S.

Aug. 01, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

Japan: BoJ adjusts yield curve control

The Bank of Japan decided to allow for more flexibility in its yield curve control. As an outlier among industrialised countries, Japan sees itself increasingly forced to tighten monetary policy.

Jul. 28, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

Japan: BoJ adjusts yield curve control

The Bank of Japan decided to allow for more flexibility in its yield curve control. As an outlier among industrialised countries, Japan sees itself increasingly forced to tighten monetary policy.

Jul. 28, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

ECB: rate hike despite weak economy

The European Central Bank raised its key interest rates and emphasised the economic slowdown in the region. Another rate hike by the end of the year is likely.

Jul. 27, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

ECB: rate hike despite weak economy

The European Central Bank raised its key interest rates and emphasised the economic slowdown in the region. Another rate hike by the end of the year is likely.

Jul. 27, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

FOMC: As you were

The Federal Reserve lifted interest rates and said it would focus on economic data in future policy decisions as it seeks to bring inflation down to target. Elevated labor and price data will keep the potential of further hikes “on the table”.

Jul. 26, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

FOMC: As you were

The Federal Reserve lifted interest rates and said it would focus on economic data in future policy decisions as it seeks to bring inflation down to target. Elevated labor and price data will keep the potential of further hikes “on the table”.

Jul. 26, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

China: Politburo meeting signals more stimulus

The Politburo meeting on Monday delivered strong high- level guidance to stimulate China’s economy, especially in consumption support and property sectors.

Jul. 25, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

China: Politburo meeting signals more stimulus

The Politburo meeting on Monday delivered strong high- level guidance to stimulate China’s economy, especially in consumption support and property sectors.

Jul. 25, 2023


CIO Special | Deutsche Bank Wealth Management

CIO Special report

Japanese equities remain on the up

Japanese equities have been among the top performers this year, with the TOPIX posting a striking 20.9% return in JPY terms since the beginning of the year, and the Nikkei 225 climbing to a 33-year high. This new CIO Special on Japan looks at the factors that may have contributed to this success and future developments in the country.

Jul. 24, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

Spain: growing uncertainty ahead

Spain's general elections resulted in a victory for the centre-right Partido Popular (PP). However, not even with the support of the right-wing VOX will it be able to form a government

Jul. 24, 2023


CIO Memo | Deutsche Bank Wealth Management

CIO Memo

Spain: growing uncertainty ahead

Spain's general elections resulted in a victory for the centre-right Partido Popular (PP). However, not even with the support of the right-wing VOX will it be able to form a government

Jul. 24, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

China: Q2 GDP suggests slowing growth momentum

China’s economy grew during the second quarter but came in below forecasts, with weak performances for the property market and private investment.

Jul. 17, 2023


ff-sustainable-supply-chain.jpg

Future Fundamentals podcast

Sustainable value chains

Deutsche Bank Private Bank's ESG CIO Markus Müller and Deutsche Bank Research’s Marion Laboure look at value chains in the global economy – and why there are increasing concerns about their sustainability.

Jul. 13, 2023


The great decoupling? Rethinking sustainable globalisation | Deutsche wealth management services

CIO Special report

The great decoupling? Rethinking sustainable globalisation

Produced in collaboration with DB Research, our new report identifies key challenges for globalisation and examines whether we are seeing the “great decoupling” of supply chains and other economic links.

Jul. 13, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

U.S. CPI: Slowing softly

An apparent slowdown in U.S. inflation has fueled optimism that the Federal Reserve will soon be able to stop its aggressive monetary policy action.

Jul. 12, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

Nonfarm payrolls: The Fed wages on

The latest jobs report appears to be showing some signs of moderation within the labor market, with nonfarm payrolls delivering the smallest increase since the end of 2020 as well as its first estimate miss in 15 months.

Jul. 07, 2023


Spain: economic and political challenges ahead | Deutsche wealth management services

CIO Special report

Spain: economic and political challenges ahead

In this publication, we review the economic and political uncertainty facing Spain, update our growth forecasts for the country and detail the investment implications for different Spanish assets going forward.

Jul. 07, 2023


Infrastructure: Supporting a sustainable future | Deutsche wealth management services

CIO Special report

Infrastructure: supporting a sustainable future

This CIO Special on one of our long-term investment themes looks at possible future developments in the infrastructure sector, based on the four key themes of resilience, sustainability, innovation and inclusivity.

Jul. 04, 2023


CIO Insights Q3 2023 Update | Wealth Management

CIO Insights quarterly report

Growth: a balancing act – our Q3 2023 update

Our latest CIO Insights quarterly provides an update on our economic and investment outlook for the third quarter of 2023 and beyond.

Jun. 26, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

And here comes 5

Following stubbornly high inflation figures for May, the Bank of England (BoE) has raised its key interest rate by 50 basis points (bps).

Jun. 22, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

China: rate cuts as expected

The People's Bank of China as expected lowered its 1Y Loan prime rate to 3.55% from 3.65% and its 5Y Loan prime rate to 4.2% from 4.3% to support the slowing economy.

Jun. 20, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

ECB: higher inflation, higher rates

As expected, the ECB raised its key interest rates by 25 basis points each and confirmed it would stop reinvesting in bonds that are maturing under the “Asset Purchase Programme” (APP) as of July.

Jun. 15, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

FOMC: Powell's hawkish pause

The FOMC announced for the first time in 15 months, its unanimous decision to keep the Fed Funds Rate at the current level of 5.00% - 5.25%.

Jun. 14, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

U.S. CPI: Price falls gives Powell pause

The latest release for CPI from the Bureau of Labor Statistics showed a YoY decline in the rate of consumer price inflation from +4.9% to +4.0% for May.

Jun. 13, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

China: rate cut signals the start of more easing

The PBoC lowers 7-day reverse repo to 1.9% vs. previous 2.0% as the economy lost some momentum recently with weak exports and domestic demand.

Jun. 13, 2023


T-Bill Torrent: what next after the U.S. debt ceiling deal? | Deutsche wealth management services

CIO Special report

T-Bill Torrent: what next after the U.S. debt ceiling deal?

In this publication, we outline the possible next steps for investors as the U.S. Treasury looks to replenish its Treasury General Account (TGA) with a surge in supply.

Jun. 12, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

India: RBI holds rates again, but is not dovish

The Reserve Bank of India (RBI) has paused rates for a second consecutive time and has kept its stance of ‘withdrawal of accommodation’ unchanged, with a clear agenda of bringing inflation even lower.

Jun. 08, 2023


The Ocean: an essential pillar of planetary life | Deutsche wealth management services

CIO Special report

The Ocean: an essential pillar of planetary life

In this publication, we take a close look at the environmental benefits we gain from the marine environment, the definition of a Sustainable Blue Economy, development areas and problems and how we can help finance sustainable maritime nature-based projects.

Jun. 08, 2023


cio-esg-market-monitor-red.jpg

CIO Special report

ESG Market Monitor: Q2 2023

Our ESG Market Monitor publication is designed to help you stay informed and up-to-date on the latest developments in environmental, social and governance (ESG) investing and the transition to more sustainable economies.

Jun. 01, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

Asia: an uneven recovery

Recent macro data in Asia are pointing to a slowdown in the region’s trade growth momentum.

May. 19, 2023


U.S. Debt Ceiling: Taking it to the limit | Deutsche wealth management services

CIO Special report

U.S. Debt Ceiling: Taking it to the limit

The recurring negotiations around the U.S. debt limit, commonly called the debt ceiling, have developed into one of the more uncomfortable aspects of political life.

May. 19, 2023


High nominal yields, high inflation: the case for systematic hedging | Deutsche wealth management services

CIO Special report

High nominal yields, high inflation: the case for systematic hedging

A changing investment environment has prompted many investors to question their approach to asset allocation and risk management.

May. 15, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

Flying high – Asia Pacific tourism rebounds

The upward trajectory of Asia Pacific tourism is expected to continue in the coming months, driven largely by the resurgence in Chinese outbound travel.

May. 10, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

U.S. CPI: moderating but still elevated

U.S. inflation continued to moderately decline in April, supporting the case that the Federal Reserve will not raise interest rates at its next meeting.

May. 10, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

Nonfarm payrolls: U.S. labor market remains robust

The U.S. jobs report for April showed a continued strengthening of the labor market with an increase in payrolls that beat expectations.

May. 05, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

FOMC: Terminal arrival?

The Federal Reserve's policy decision and subsequent statement gave the clearest signal that the most aggressive monetary policy period since the 1980s is coming to an end.

May. 04, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

ECB has "more ground to cover"

The European Central Bank maintained its course with a rate hike of 25 basis points and signalled that it could tighten policy further if inflation remains high.

May. 04, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

Japan: BoJ stays dovish amid macro uncertainty

The Bank of Japan kept its policy rate unchanged, in line with market expectations, but signalled a possible shift to its yield curve control in the future.

Apr. 28, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

China: Q1 GDP improves on consumption recovery

China's GDP grew more than expected during the first quarter, confirming the rebound of its economy since the reopening measures late last year.

Apr. 18, 2023


Land – A key Life Pillar | Deutsche wealth management services

CIO Special report

Land – A key Life Pillar

In our latest publication, we take a deep look at the importance of biodiversity, particularly from an investor's perspective.

Apr. 18, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

U.S. CPI: Fading forces

U.S. inflation continued its downward trend in March, but markets took the data in stride because the shift was not enough to change the likely path of Federal Reserve policy.

Apr. 13, 2023


Energy Transition: the quest for emissions-free energy | Deutsche wealth management services

CIO Special report

Energy Transition: the quest for emissions-free energy

Our CIO Special report looks at a central challenge for the world today: how we produce and use energy in a more sustainable way.

Apr. 12, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

Nonfarm Payrolls: Bringing us softly into land?

The U.S. jobs report for March showed a continued strengthening of the employment market. But over the longer term, hiring appears to be cooling in an orderly fashion.

Apr. 07, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

India: RBI pauses at 6.50%, likely end to hiking cycle

The Reserve Bank of India paused in its hiking cycle, while keeping the stance of ‘withdrawal of accommodation’ unchanged. Markets reacted positively to this decision across the board.

Apr. 06, 2023


So far, so good: BoE policy under the sign of growth resilience  | Deutsche wealth management services

CIO Special report

So far, so good: BoE policy under the sign of growth resilience

Although the Bank of England (BoE) raised its key rate in March and is now forecasting UK GDP growth in Q2 instead of contraction, it has stated that the monitoring of financial and credit conditions will be paramount going forward.

Apr. 06, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

Review and Outlook: China's recovery

China's economic recovery can be expected to accelerate in the second quarter. Specific industries within Europe may also do well, supported by this tailwind from China.

Mar. 30, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

FOMC: Where do we go from here?

The FOMC announced a further increase to the Fed Funds Rate by 25-basis points. The Committee readjusted its statement language to suggest that some “policy firming” would take place instead of ongoing rate increases.

Mar. 22, 2023


CIO Insights Q2 2023 Update | Wealth Management

CIO Insights quarterly report

Inflation remains sticky: our Q2 2023 update

Our latest CIO Insights quarterly provides an update on our economic and investment outlook for the second quarter of 2023 and beyond.

Mar. 22, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

ECB stays on course for now

Once again, the European Central Bank maintained its monetary policy course and the pace of interest rate hikes, as it raised its key interest rates by 50 basis points.

Mar. 17, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

UK Budget: baby boost for growth?

Chancellor Jeremy Hunt presented the latest Spring Budget, where he declared that the UK economy would avoid a recession before laying out his “Budget for Growth” plans.

Mar. 16, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

U.S. CPI: Stick or twist?

U.S. inflation continued its downward trend in February, with the headline Consumer Price Index (CPI) coming down from the previous month's reading.

Mar. 14, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

Nonfarm payrolls: Hawkish headline, dovish detail

The latest Nonfarm payrolls report surprised markets on the upside with U.S. employers continuing to hire workers at a strong pace.

Mar. 12, 2023


Big Tech: Regulation remains an important factor  | Deutsche wealth management services

CIO Special report

Big Tech: Regulation remains an important factor

In our CIO Special, we look at the regulatory picture in jurisdictions around the world and consider the investment outlook.

Mar. 09, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

China: lower growth target, limited stimulus

China has set a conservative growth target of around 5% for the year, with officials avoiding any large stimulus to support the economy.

Mar. 07, 2023


India: Why it will be a USD 7 trillion economy by 2030

CIO Special report

India: Why it will be a USD 7 trillion economy by 2030

In our latest CIO Special – India: Why it will be a USD 7 trillion economy by 2030 – we look at the structural shifts taking place currently in India which are setting the stage for it to become the fourth largest economy in the world by the end of this decade.

Mar. 02, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

China: faster growth recovery

China’s PMIs for both manufacturing and service sectors were strong in February, indicating a faster-than-expected economic recovery after the re-opening.

Mar. 01, 2023


U.S. small cap outperformance may continue | Deutsche wealth management services

CIO Special report

U.S. small cap outperformance may continue

In our latest CIO Special we look at why U.S. small cap equities within the S&P 600 have recently outperformed the S&P 500 and the outlook for both indices

Feb. 23, 2023


A promising start for EM equities and a look ahead  | Deutsche wealth management services

CIO Special report

A promising start for EM equities and a look ahead

In our CIO Special, we look at the performance by emerging market (EM) equities that has become more optimistic about the potential boost from China's Covid reopening.

Feb. 20, 2023


Semiconductor sector: semi-recovered? | Deutsche wealth management services

CIO Special report

Semiconductor sector: semi-recovered?

After supply chain problems, geopolitical tensions, the aftermath of the global pandemic, a worsening interest rate outlook and surging inflation made 2022 a difficult year for semis investors, the sector is now on the road to recovery.

Feb. 17, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

U.S. CPI: Taking a pause

Today saw the latest release for CPI from the Bureau of Labor Statistics showing a YoY decline in consumer prices from 6.5% to 6.4% for January. Whilst the latest figures continue to show inflation is falling, the pace of which has slowed considerably versus market consensus, which was expecting a decline of 6.2%.

Feb. 14, 2023


German economy facing challenges | Deutsche wealth management services

CIO Special report

German economy facing challenges

Our latest CIO Special highlights the structural issues facing the German economy in the aftermath of the Covid and energy crises.

Feb. 09, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

India: RBI maintains hawkish tone while hiking by a smaller 25 bps

The Reserve Bank of India (RBI) hiked its repo rate by 25 bps to 6.5% – its slowest pace in this cycle.

Feb. 08, 2023


China generating tailwinds for commodity currencies | Deutsche wealth management services

CIO Special report

China generating tailwinds for commodity currencies

Our latest CIO Special highlights the significance of China’s swift decision to end its zero-Covid policy and implement economic stimulus measures for countries around the globe that are major exporters of commodities.

Feb. 07, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

BoE: No surprises

The Bank of England (BoE) raised its key rate by 50 basis points to 4.0% yesterday – as widely expected – at its scheduled February meeting.

Feb. 03, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

ECB stays on course

As expected, the European Central Bank (ECB) maintained its monetary policy stance and the pace of interest rate hikes. As in December 2022, it is raising key interest rates by 50 basis points.

Feb. 02, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

India budget: pro-growth capex raised but fiscal profligacy avoided

In today’s budget, the government kept its focus on job creation and growth-oriented capital expenditure, while staying on the path of fiscal consolidation.

Feb. 01, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

FOMC: Hawkish downshift

The FOMC announced a further increase to the Fed Funds Rate by 25-basis points. The decision is a further downshift from the previous FOMC meeting where rates were raised by 50-basis points.

Feb. 01, 2023


CIO Memo | Deutsche wealth management services

CIO Memo

CIO Memo – China: Re-opening gains momentum

China’s January PMIs showed a strong rebound due to a faster-than-expected re-opening.

Jan. 31, 2023


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