CIO Publications

Our 4th annual ESG Survey shows that investors are already investing in the sustainable transition, with evolving views on what are likely to be the leading future sectors and return drivers. Fueled by pragmatism as well as principles, ESG investment is happening. Read more.

In this CIO Special report, we discuss details of the fiscal package announced by the National People’s Congress’ Standing Committee meeting and provide an update on the macroeconomic performance of the Chinese economy.

Our Global Chief Investment Officer, Christian Nolting, provides an initial assessment of the U.S. election results and their market implications.

Our ESG and Sustainability 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.

As we inch closer to the U.S. presidential election, our new CIO Special explores the current state of the political landscape, key issues and policies that continue to shape the narrative for the race and its potential impact on a range of sectors for equity investors.

In the third issue of our quarterly publication PERSPECTIVES, we provide an update on our economic and investment outlook for the remainder of 2024 and beyond.

Portfolio decarbonization will become an increasingly important topic. Investors need to understand the key issues involved.

In this CIO Special report we examine what’s driving Earth Overshoot Day and where innovation is offering hope for our planet's future.

Carbon markets are likely to play a major role in promoting sustainability and innovation, offering new opportunities for investors and policymakers alike.

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.

With the French election resulting in a hung parliament, we discuss three possible political scenarios and their investment implications.

After Labour’s victory, the prospect of policy stability and cyclical growth will make UK assets worth a second look. We outline investment implications.

The renewable energy sector is experiencing remarkable growth. However, this rapid expansion faces challenges. In this report, we explain why the renewable energy sector’s trajectory remains positive.

In the second issue of our quarterly publication PERSPECTIVES, we provide an update on our economic and investment outlook for the third quarter of 2024 and beyond.

China announced more measures to support the property sector at a national government meeting on May 17. The stimulus measures come at a time when China’s property sector continues to weaken with price declines and lower transaction volumes.

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.

The Bank of England (BoE) maintained its key interest rate at 5.25% for the sixth consecutive meeting last Thursday. Signals from the Monetary Policy Council (MPC) indicate a potential rate cut as early as June 20, however.

The recent positive performance by Chinese equities has been mainly driven by a modest improvement in macroeconomic data.

This CIO Special addresses Spain’s recent positive economic performance, its fiscal balance situation and the prospects for Spanish debt & equity assets.

Italy has weathered recent economic crises, including COVID-19 and the European energy shock, better than expected. In Q4 2023, Italy’s GDP growth was +0.2% QoQ, compared to 0.0% for the Eurozone. For the full year 2023, Italy’s growth was 0.7%, outperforming the Eurozone’s 0.5%.

Singapore’s economic openness creates both challenges and strengths. The external sector is an unavoidable source of risk, the high cost of living is a concern and an ageing population. But, set against this, Singapore has a number of important strengths – a globally-connected economy, business-friendly environment, political system and benefits from its role in ASEAN.

It remains a challenging environment for the German housing market, but rate cuts, economic growth and structural rental market shortages should help the market to bottom out.

In our Future Fundamentals podcast, Karen Sack, of ORRAA, and Markus Müller, our Chief Investment Officer for ESG, take a deep dive into the sustainable blue economy.

These form a vital component some systematic long-term asset allocation approaches. We highlight significant developments since our last review and the reasons for them.

China recently released a flurry of Q1 economic data. But while GDP numbers were surprisingly strong, some other activity measures continue to disappoint. So has China’s economy really turned a corner?

Bitcoin is unlikely to assert itself as a widespread medium of exchange but may be on its way to mainstream acceptance as a store of value, although the risks of holding it remain high.

Favourable long-term trends for the electric-vehicle market remain intact – but an excess supply of battery metals means the outlook for miners remains clouded.

In the first issue of our new quarterly publication, we update our forecasts for 2024 on the macroeconomic front, as well as for equities, fixed income, commodities and foreign exchange.

Sustainable food systems (SFS) deliver food security and nutrition in ways that are sustainable in economic, social and environmental terms. Transitioning towards sustainable food systems could open up business opportunities worth USD4.5 trillion per year by 2030.

India, the world’s largest democracy, is heading to a national vote, with results expected by the end of May. Almost one billion registered voters will make this the biggest election exercise anywhere, ever.

The empowerment of women in the labour force is important in ways that go beyond the critical matter of social justice. Female financial inclusion and gender equality are “macrocritical” to boosting economic activity.

China’s National People’s Congress (NPC) has seen the announcement of a new 2024 growth target and discussion on how a “proactive” fiscal stance and “prudent” monetary policy can help the economy.

In a year that has been claimed to be the busiest in history for political elections, there will be no bigger event in the calendar than the race to be President of the United States, due to be held on November 5th.

Strategic asset allocation for private clients starts with detailed knowledge of an investor’s risk profile, investment horizon, and performance targets, among other considerations.

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.

For investors, digitisation provides a wide range of investment alternatives, with business activities such as cloud computing, Internet of Things (IoT), digital entertainment, and others showing substantial growth potential.

Consumers are holding up relatively well in the U.S. and Europe, despite a weaker economic environment. This could yield interesting opportunities in the stock market, particularly in the area of discretionary consumption.

Compared to the eurozone overall, Greece could experience slightly higher economic growth in the coming years, in particular due to a resurgence in private consumption.

ESG investment has gone mainstream, with performance implications. Energy transition may point the way to investing in the sustainable economy.

Adherence to strong convictions in the face of market-moving events can potentially trigger undesirable timing mistakes. Asymmetric strategies can allow more potential upside for a given portfolio risk.

After years of extremely low interest rates, the investment universe is now complete again thanks to the renewed attractiveness of bonds as an asset class – and is likely to remain so for the foreseeable future in our opinion.

U.S. growth stocks are probably still the way to go for the long term. European and Japanese financials could appeal too, as well as consumer discretionary, industrials and energy.

Be aware that measures to create stability may just create new risks. Rates are still on our radar.

Robust earnings growth is expected globally in 2024. Expectations of higher rates for longer may however put a lid on valuations expansion.

We see these as the key global challenges: how to sustainably utilise and conserve our global resources; how to provide for the global population, and how to develop key technologies to help us all do this.

We see these as the key global challenges: how to sustainably utilise and conserve our global resources; how to provide for the global population, and how to develop key technologies to help us all do this.

We see these as the key global challenges: how to sustainably utilise and conserve our global resources; how to provide for the global population, and how to develop key technologies to help us all do this.

Expect only moderate growth in industrialised economies in 2024. The long-term challenge remains the delivery of investments to enhance economic competitiveness and fight climate change.

Domestic political developments are increasingly shaping foreign policy agendas – and 2024 will be the biggest election year in history.

Despite the economic, geopolitical and climatic challenges the world currently faces, we think that 2024 is likely to be a decent year for investors. In our annual outlook we present our current economic and asset class forecasts for 2024, possible key issues for the coming 12 months and our long-term investment themes.

The Spanish economy has shown remarkable resilience during 2023, but the latest indicators point to a slowdown. A complex political environment will make it more difficult to address some important challenges.

In our new CIO Special – U.S. Election: Running up that hill, we explore the political landscape of the upcoming Presidential elections, key issues that will shape the narrative for the race and its potential impact for investors.

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.

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.

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

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.

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.

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.

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.

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

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

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.

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.

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.

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

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.

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

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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

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

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

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

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.

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

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

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.

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

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.

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.

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

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.

We look at the sub asset class of USD denominated Emerging Markets corporate bonds which stand out as one of the key beneficiaries of positive newsflow out of China as economic activity looks set to resume in the Asian economy.

Mangroves are highly important for biodiversity and play a crucial role as nature-based solutions to mitigate the effects of climate change, even though they make up less than 1% of all tropical forests worldwide.

Mangroves are highly important for biodiversity and play a crucial role as nature-based solutions to mitigate the effects of climate change, even though they make up less than 1% of all tropical forests worldwide.

Our new CIO Special discusses developments in Eurozone inflation, the ECB’s monetary policy intentions and the outlook for sovereign bonds.

Aggregate corporate earnings in the S&P 500 may have shrunk by 2.2% in Q4 2022 due to declining margins.

Sustainability and security considerations, enhanced policy support and technological development are making European infrastructure an investment focus.

Our annual outlook considers how slower economic growth in 2023 will not necessarily translate into weaker financial markets and how investors might position their portfolios for the opportunities ahead.

The Spanish economy is expected to close 2022 with growth of close to 4.6%. However, this figure hides a gradual slowdown in economic activity since summer.

Some measures of inflation may be at, or near, their peak but this is by no means the end of the story. In our new special report, we draw some broad conclusions.

The real estate sector faces a difficult global economic environment as central banks continue to tighten monetary policy. We consider the varying circumstances and outlooks for different sectors and regions.

In this year's survey we asked almost twice as many questions, with the aim of getting a more complete view of our private, institutional and business clients’ attitudes to ESG.

Recent UK political uncertainty and a misjudged budget bill in September has put the focus on the country’s economic outlook. The Autumn Statement, to be delivered on November 17, will be the key calendar item to watch as tax rises and spendings cuts are expected in order to balance the books.

Claire Coustar of Deutsche Bank’s Investment Bank joins Markus Müller, Chief Investment Officer ESG & Global Head Chief Investment Office at Deutsche Bank's Private Bank, to discuss the recent evolution of the sovereign carbon credits market and how it will help us value and protect natural assets.

Cities both exacerbate climate change and suffer from its consequences – e.g. through flooding, or excess heat, or changing patterns of disease. Getting them to work better must be a key environmental and social priority.

On November 8, votes will be cast to decide the 118th U.S. Congress. Regardless of the outcome, there will be challenges for the U.S. economy in the immediate future and implications for investors.

Energy price volatility has had an obvious impact on ESG portfolios this year, but we also need to consider the longer-term dynamics around energy and commodity markets.

The Ocean provides key ecosystem services that are crucial for human wellbeing and the prosperity of the global economy. Learn more on how a sustainable blue economy could be implemented.

Our CIO Special looks at the rapidly growing Asian energy market and how policymakers are trying to satisfy growing demand – while also reducing carbon emissions and improving energy security.

Our CIO Special looks at the rapidly growing voluntary sovereign carbon credit market, reinvigorated by agreement on a new framework for asset issuance.

In this CIO Special we look at the remarkable progress that India has achieved in its energy transition from fossil-fuel based sources to sustainable and green ones.

Nature-based Solutions (NbS) will help us tackle the climate crisis. But to fully harness their potential, we need a precise conceptual understanding of what they are and the benefits they provide.

Our latest CIO Insights quarterly provides an update on our economic and investment outlook for the final quarter of 2022 and beyond.

Our new CIO Special discusses our economic outlook for Spain, with a particular focus on fiscal and debt vulnerabilities.

Marion Laboure, Senior Economist at Deutsche Bank and Research Lecturer at Harvard University, joins Markus Müller, Chief Investment Officer ESG & Global Head Chief Investment Office at Deutsche Bank's Private Bank, to discuss the continuing process of workplace change and the Remote working and Robotics (ReRo) revolution.

This introductory guide to the global threats facing coral reefs – and what we can do to reduce them – is part of our new CIO Nature Series providing insights on nature-based solutions to address climate impacts and foster adaptation efforts.

In our new CIO Special we assess the external headwinds and domestic challenges faced by Asian economies in H2 and provide a macroeconomic and asset class outlook.