Investing insights
Our global Chief Investment Office (CIO) publishes our economic outlook and investing themes. From thought-leadership on ESG and long-term trends to timely commentary on market developments, our investing insights are designed to help each client shape their financial tomorrow.
Economic and market outlook

CIO Insights quarterly report
Annual outlook 2023: Resilience versus recession
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.

CIO Insights quarterly report
Under pressure: our Q4 2022 update
Our latest CIO Insights quarterly provides an update on our economic and investment outlook for the final quarter of 2022 and beyond.

CIO Insights quarterly report
Keep a firm hold: our Q3 2022 update
Our latest CIO Insights quarterly provides an update on our economic and investment outlook for the second half of 2022 and beyond.

CIO Insights quarterly report
Weathering many storms: our 2022 update
Our new CIO Insights quarterly update provides an economic and investment outlook on our 10 themes for 2022.

CIO Insights quarterly report
Annual Outlook 2022: No quick fixes
Our Annual Outlook considers whether we should view 2022 as a transition year, enabling investors to position portfolios for the challenges ahead.
Investing themes

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.

CIO Special report
EM corporate bonds benefit from China reopening
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.

CIO Special report
Mangroves: why they need protection
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.

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

CIO Special report
S&P fourth quarter earnings season: a slippery slope
Aggregate corporate earnings in the S&P 500 may have shrunk by 2.2% in Q4 2022 due to declining margins.

CIO Special report
Future European infrastructure: investing in change and resilience
Sustainability and security considerations, enhanced policy support and technological development are making European infrastructure an investment focus.

CIO Special report
Spain 2023: a bumpy road 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.

CIO Special report
Peak inflation and beyond
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.

CIO Special report
U.S. and European real estate: taking a closer look
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.

CIO Special report
United Kingdom – Keep Calm and Carry On?
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.

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.

CIO Special report
Cities under threat: real estate investment and climate change
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.
Market insights

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.

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.

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.

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.

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.

CIO Memo
CIO Memo – Japan: BoJ balks at further policy change
The Bank of Japan has left monetary policy unchanged, surprising many market participants once again.

CIO Memo
CIO Memo – China: faster reopening, faster recovery?
The surge in infection cases in December affected China’s macro data that month with weak PMIs and low inflation. However, there are signs that economic activity is starting to pick up since the start of 2023, post re-opening.

CIO Memo
CIO Memo – U.S. CPI: Labour market keeps services sticky
Today saw the latest release for CPI from the Bureau of Labor Statistics showing a YoY decline in consumer prices from 7.1% to 6.5% for December.

CIO Memo
CIO Memo – China: focusing on domestic stability
Recent CEWC sets the stage for Chinese economic recovery in 2023 – mainly by boosting domestic demand.

CIO Memo
CIO Memo – BoJ tweaks monetary policy before year-end
The Bank of Japan (BoJ) has managed to shift up the yield curve with more flexibility on its movement range around zero.

CIO Memo
CIO Memo – FOMC: Downshift
The FOMC announced a further increase to the Fed Funds Rate by 50-basis points. The decision is a downshift from the previous four FOMC meetings where rates were raised by 75-basis points each time.

CIO Memo
CIO Memo – ECB raises key interest rates less sharply
The European Central Bank (ECB) reduced the pace of its interest rate hikes at its meeting today. After two 75 basis point steps, it is now raising key rates by only 50 basis points.
Asset-class insights

CIO Special report
Venture Capital Investing: returns and diversification
Our latest CIO Special report Venture Capital investing: returns and diversification discusses how the sector is developing and its role in portfolios. Read more...

CIO Special report
Venture Capital investing: conclusion
We attempt to summarise the main positives and negatives of Venture Capital investing in our CIO Special report.

CIO Special report
Venture Capital trends
Find out more about the growth of global Venture Capital investment and the wide range of risks associated in our CIO Special report.

CIO Special report
Portfolios and Venture Capital
Find out more about the potential role of Venture Capital investing in portfolios as well as diversification in our CIO Special report.

CIO Special report
Venture Capital in entrepreneurship
Find out more about the role of Venture Capitalists in our CIO Special report.