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.

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.

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.

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.

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 Special report
Spain: lower GDP growth in 2024
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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.
Market insights

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.

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.

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.

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.

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.

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.

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%.

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.

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.

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.

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.

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.

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.