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 Memo
China: recovery remains uneven; more property support planned
Recent Chinese economic data have been mixed, with persistent weakness in the property and manufacturing sectors. But a more stable recovery for the country is likely in the coming quarters.
Nov. 30, 2023

CIO Podcast
Weekly Investment Outlook: November 27, 2023 – No time for euphoria
In this week’s CIO Weekly Investment Outlook podcast, Christian Nolting, Global Chief Investment Officer, shares his view on the equity rally, which “is appreciated”, but stresses that we haven’t overcome a lot of inflationary pressures yet and should therefore be wary of too much euphoria.
Nov. 27, 2023

CIO Special report
U.S. Election: Running up that hill
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.
Nov. 22, 2023

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
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
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
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
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
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
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
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
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 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 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
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

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 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 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
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 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

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 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
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
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
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 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
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
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
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
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
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
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
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
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
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 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 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
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
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 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 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
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
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
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
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
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
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
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
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
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 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 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
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
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
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
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
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
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
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
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 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
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
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
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

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

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
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
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

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

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 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
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
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
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
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
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
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

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
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

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 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
Asia: an uneven recovery
Recent macro data in Asia are pointing to a slowdown in the region’s trade growth momentum.
May. 19, 2023

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

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
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
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
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
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
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
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
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

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
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

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
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
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

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
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
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 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
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
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
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
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

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
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

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
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

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

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

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
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

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
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

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
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
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
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
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
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
See more
ESG special reports

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.

CIO Special report
ESG & investment performance: think strategically
The key to sustained long-term returns from ESG investment is effective strategic asset allocation.

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.

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.

CIO Special report
ESG Survey 2022: Trends and concerns
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.

CIO Special report
Commodities, the energy transition and ESG portfolios
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.

CIO Special report
Ensuring a sustainable blue economy
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.

CIO Special report
Energy and Asia: future challenges
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.

CIO Special report
India: on the cusp of energy transition
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.

CIO Special report
Nature-based Solutions and the climate crisis
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.

CIO Special report
ESG and investment performance: challenges ahead?
After the initial phases of acceptance, then rapid growth, ESG has now entered a new stage centred on performance – both in terms of financial returns and “real world” positive effects. Our latest CIO Special report looks at the changing landscape of ESG investing, what to expect in future and the portfolio management implications.

CIO Nature Series
Corals: the rainforests of the sea
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.

CIO Special report
Ocean finance: redefining the value chain
As we mark the UN’s World Oceans Day for 2022, we face major challenges in building a sustainable blue economy. This CIO Special, produced in collaboration with the Ocean Risk and Resilience Action Alliance (ORRAA), explains how the global financial sector will play an important role in finding solutions.

CIO Special report
Biodiversity: the new playing field for ESG assessment
Our CIO Special looks at likely future trends in ESG assessment and why biodiversity will be an increasingly important consideration.

CIO Special report
Natural capital and biodiversity: measurement and investment
Our special report looks at the topic of biodiversity from a natural capital perspective, and provides insights into how we can start to tackle the “triple planetary crisis” around climate, nature and pollution. With a preface by Professor Sir Partha Dasgupta, Frank Ramsey Professor Emeritus of Economics at the University of Cambridge.

CIO Special report
Coastlines in crisis: key risks from rising oceans
Rising seas will compound other effects from climate change and ocean degradation. They will have major implications for the overall macroeconomic and policy outlook, and for investment.

CIO Special report
Rethinking infrastructure: technology and ESG
Infrastructure needs are massive across both developed and emerging economies. Our new CIO Special report looks at infrastructure trends and considers infrastructure in a sustainability context.

CIO Special report
Biodiversity loss: recognising economic and climate threats
Our latest CIO Special looks at the importance of biodiversity and presents the results from our survey of investor attitudes towards environmental, social and governance (ESG) investing.

CIO Special report
Empowering the blue magic: act today for tomorrow
Our new CIO ESG Special provides an intuitive and easy-to-use summary of our previous special report on the blue economy.

CIO Special report
Asian growth needs ESG
Our latest report discusses the development of ESG investing in Asia as well as the challenges and opportunities ahead.

CIO Special report
Exploring the E, S and G in ESG
Our new CIO Special report looks at the history of global sustainability initiatives, for example around climate change, biodiversity and the blue economy. Read more..

Event video
Understanding the blue economy
In this special report we look at what exactly the blue economy is, and why it remains crucial for biodiversity and the sustainability of global economic development.

CIO Special report
The “G” in ESG: Governance – a question of balance
Our new CIO Special looks at the evolution of the concept of governance (“G”), the final ESG component along with environmental (“E”) and social (“S”) factors.

CIO Special report
The "S" in ESG: the ugly duckling of investing
In this CIO Special report we show how social criteria are becoming an integral part of informed investment decisions.

CIO Special report
ESG yesterday, today, tomorrow – sustainability across the centuries
The history of ESG investing shows why the concept of ‘sustainability’ has always belonged to the people.

CIO Special report
The "E" in ESG
In this new report we outline why we believe that environmental concerns represent the most important aspect of ESG investing and why this topic is particularly relevant now.
Podcasts

CIO Podcast
Weekly Investment Outlook: November 27, 2023 – No time for euphoria
In this week’s CIO Weekly Investment Outlook podcast, Christian Nolting, Global Chief Investment Officer, shares his view on the equity rally, which “is appreciated”, but stresses that we haven’t overcome a lot of inflationary pressures yet and should therefore be wary of too much euphoria.

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.

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.

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.

Future Fundamentals podcast
Sovereign carbon credits
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.

Future Fundamentals podcast
The future of work and the ReRo revolution
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.

Future Fundamentals Podcast
Nature as a solution: working with nature towards ocean conservation and coastal resilience
Callum Roberts, Chief Scientific Advisor to the Maldives Coral Institute and Professor of Marine Conservation at the University of Exeter, joins Markus Müller, Global Head of the Chief Investment Office at Deutsche Bank’s Private Bank, to discuss how nature-based solutions to environmental challenges could protect, sustain and restore some of the planet’s most threatened eco-systems.

CIO podcast
The deep sea: Earth’s final frontier for exploration and sustainable development
Doug McCauley, professor of ocean science at the University of California Santa Barbara and director of the Benioff Ocean Initiative, joins Markus Müller, head of the Chief Investment Office at Deutsche Bank's International Private Bank, to discuss the deep sea and the importance of taking a long-term, sustainable approach to its development.

Future Fundamentals podcast
Medtech: the future of healthcare beyond COVID-19
University of Oxford professor and medical device innovator Constantin Coussios joins Deutsche Bank’s Christian Nolting to discuss how digitalisation and demographics are converging to improve lives and create investment opportunities.

Future Fundamentals Podcast
Biodiversity loss: how many extinctions add up to economic collapse?
Acclaimed marine biologist and coral expert Kristen Marhaver joins Markus Müller, head of the Chief Investment Office at Deutsche Bank's International Private Bank, for the first episode of our Future Fundamentals podcast, designed to explore the long-term investing implications of today's key issues.