In this week’s CIO Weekly Investment Outlook podcast, the Private Bank’s Chief Investment Officer in the Americas, Deepak Puri digests a stronger than expected jobs report from the U.S. last Friday, as the data suggest demand for new workers remains robust despite the Federal Reserve’s ongoing tightening campaign on interest rates.

In most global markets and particularly in the U.S., stocks and bonds have been in positive territory for the last two months, and with the famous and historic ‘Santa Clause rally’ expected once again in December, Deepak looks closely at where markets could end up by year’s end.


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Weekly Investment Outlook: November 28, 2022 – The road ahead

In this week’s CIO Weekly Investment Outlook podcast, the Private Bank’s Chief Investment Officer in EMEA, Zeynep Ozturk looks into the European Central Bank’s ongoing fight with inflation and the potentially limited room it has to raise rates in smaller increments given the various fiscal stimulus measures announced across the region. Zeynep also takes the time to summarise some of her key takeaways from the Deutsche Bank Private Bank CIO Outlook 2023, released just last week.  

Tune in to hear about all this and more as Zeynep dissects a whole host of market moving indicators in the week ahead.

Weekly Investment Outlook: November 21, 2022 – A sporting stimulus!

In this week’s CIO Weekly Investment Outlook podcast, the Private Bank’s Chief Investment Officer in EMEA, Zeynep Ozturk looks back at a busy week in global markets. From the G20 meetings in Bali, Indonesia, to the Autumn statement in the UK, markets had a lot to digest as various fiscal stimulus measures were announced alongside ongoing hawkish comments from the ECB.

Tune in as Zeynep describes how this policy action might impact the markets in the week ahead, as she also gives her tip for who’s going to win the football World Cup kicking off on Sunday!

Weekly Investment Outlook: November 14, 2022 – Only time will tell…

In our latest CIO Weekly Investment Outlook podcast, Dirk Steffen, Global Chief Investment Strategist of the Private Bank analysed last Thursday’s bumper move in U.S. equities, as Wall Street roared back to life on the back of inflation data that showed decelerating increases in consumer prices.

Over in the Eurozone however, economic activity remains sluggish with consumer prices continuing to rise.  Is there any room for central bankers to slow down the recent rate of growth in interest rates? Or with various fiscal stimulus packages announced in the region this week, could European equities be an asset class to look out for? Only time will tell…

Weekly Investment Outlook: November 7, 2022 – The balancing act

In this week’s CIO Weekly Investment Outlook podcast, the Private Bank’s Global Chief Investment Officer, Christian Nolting looks closely at the U.S. labour market growth numbers released on Friday, in what on the surface at least looks like continued signs of robust activity, despite the Federal Reserve’s efforts to slow demand. 

Fed chair Jay Powell described the labour market as “overheated” at last Wednesday’s press conference following the Fed’s decision to raise the federal funds rate by 0.75 percentage points for the fourth time in a row. But are there some initial signs of cooling coming through? 

Tune in as Christian analyses the labour market data, and gives his take on the Q3 earnings season.  

Weekly Investment Outlook: October 31, 2022 – November expectations

In this CIO Weekly Investment Outlook podcast recorded on Friday, October 28, Stefanie Holtze-Jen, Chief Investment Officer in the Asia Pacific for Deutsche Bank’s Private Bank, outlines her expectations for the month of November, a month heavy with central bank meetings, data and political events. 

Following last week’s ECB decision to raise rates 75bps, more central bank activity is due this week, with the Federal Reserve meeting on Thursday ahead of Non Farm Payrolls data on Friday. Bank of England and the Reserve Bank of Australia are also meeting. Stefanie then points to US mid-terms on November 8, and meetings that are key from a geopolitical perspective taking place in Asia, beginning with the G20 in Bali on November 15. 

Stefanie notes the diplomacy at play with these multilateral meetings: “In Asia, the act of “showing up” is just as important as the actual dialogue”. 

Weekly Investment Outlook Special: Is it time to re-evaluate Chinese equities?

In a special ad-hoc episode of the CIO Weekly Investment Outlook podcast, Stefanie Holtze-Jen, Chief Investment Officer in the Asia Pacific for Deutsche Bank’s Private Bank, outlines her expectations of the 20th National Congress of the Chinese Communist Party (CCP) meeting’s impact on markets.

Whilst the meeting focused on the re-election of President Xi Jinping as party leader, with MSCI China falling nearly 30% this year to its lowest levels since mid-2009, valuations trading well below their 10-year median and following a realignment of governing priorities, bringing technological innovation and national security (in economic terms) to the forefront of policy for the next 5 years, Stefanie asks the question, “Is it time to re-evaluate Chinese equities in a balanced portfolio?”

Weekly Investment Outlook: October 24, 2022 – Turmoil at the top

In this week’s CIO Weekly Investment Outlook podcast, the Private Bank’s Chief Investment Officer in EMEA, Zeynep Ozturk looks back at another turbulent week in U.K. politics after the resignation of Prime Minister Liz Truss. 

Consumer prices remain in the spotlight, with high inflation numbers from a number of key European and Asian markets leaving investors nervous about a potentially ‘hawkish’ central bank response. Tune in to hear Zeynep talk through these developments with her assessment of the likely ECB and BoJ policy action this week along with her ongoing analysis of the third quarter earnings season.

Weekly Investment Outlook: October 17, 2022 – Q3’s underway amidst see-sawing markets

In this week’s CIO Weekly Investment Outlook podcast, the Private Bank’s Chief Investment Officer in EMEA, Zeynep Ozturk looks back at a turbulent day in the UK on Friday with the appointment of new chancellor Jeremy Hunt.

U.S. consumer prices rose sharply again last week, which saw markets see-saw during the Wall Street session as investors weighed up the potential central bank response. Tune in to hear Zeynep talk through these developments along with an early analysis of the third quarter earnings season.

Weekly Investment Outlook: October 10, 2022 – Earnings on the horizon

In this week’s CIO Weekly Investment Outlook podcast, the Private Bank’s Chief Investment Officer, Christian Nolting talks through market sentiment after the U.S. Non-Farm Payroll data release and as central bankers around the world continue to focus on raising interest rates to combat inflation.

So where to now for the markets? Tune in as Christian looks ahead to the upcoming third quarter earnings season. As margins compress and the impact from inflation begins to be felt, it’s those companies that can handle the new environment or operate in winning industries that look most attractive in the medium term.

Weekly Investment Outlook: October 3, 2022 – Keep calm and carry on

In this week’s CIO Weekly Investment Outlook podcast, the Private Bank’s Chief Investment Officer in the Americas, Deepak Puri looks back at another turbulent week in financial markets, especially in Europe, following the UK government’s tax-cutting “mini Budget” statement on Friday, September 23.

Tune in as Deepak looks closely at the chaotic market reaction of recent days – on a global scale – before diving in to an analysis of how investors could position themselves for ongoing volatility in the medium to long term.  


Weekly Investment Outlook: September 26, 2022 – Beware of the swooping hawks!

In this week’s CIO Weekly Investment Outlook podcast, the Private Bank’s Chief Investment Officer in EMEA, Zeynep Ozturk makes her podcasting debut as she looks back at a week where “hawkish” central banks around the world tightened policy following the U.S. Federal Reserve’s decision to raise rates by 0.75 percentage points.

Tune in as Zeynep describes how this policy action might impact the markets in the week ahead, including a discussion on Italian elections and the scrapping of quarantine measures in Hong Kong!

Weekly Investment Outlook: September 19, 2022 – Where to now for the markets?

In this week’s CIO Weekly Investment Outlook podcast, hear from the Private Bank’s Chief Investment Officer, Christian Nolting as he looks back at a difficult week for global equity markets following the latest inflation data out of the U.S.

So where to now for the markets? Tune in as Christian looks at factors such as this week’s Fed meeting, the upcoming Q3 earnings season and global central bank monetary policy decisions to decide when might be the right time to “buy the dip”.

Weekly Investment Outlook: September 12, 2022 – Up, up, up and away!

In this week’s CIO Weekly Investment Outlook podcast, Dirk Steffen, the Private Bank’s Global Chief Investment Strategist looks back at last week’s European Central Bank decision to raise interest rates by 75 basis points to combat record inflation, despite fears soaring energy prices could lead to a recession in the Eurozone.

Whilst a difficult few months ahead are expected for the markets, Dirk and his colleagues in the CIO office remain cautiously optimistic on equities, as governments across Europe, the U.K. and further afield look to shield consumers from rising energy prices through a series of massive stimulus announcements. Tune in to this week’s podcast to hear Dirk’s reaction to a whole host of market moving indicators from across the globe.  

Weekly Investment Outlook: September 5, 2022 – Where to next?

In this week’s CIO Weekly Investment Outlook podcast, Dirk Steffen, the Private Bank’s Global Chief Investment Strategist looks back at last week’s U.S. jobs numbers.

In encouraging signs for the Federal Reserve as it seeks to cool down the economy, he notes that the pace of jobs growth slowed in August after an unexpected acceleration the previous month. This week, all eyes will be on the European Central Bank as it looks to react given surging inflation across the region.

Dirk expects markets to remain volatile across asset classes, urging investors to remain vigilant as we head deeper into the Autumn and approach the end of Q3.

Weekly Investment Outlook: August 29, 2022 – After Jackson Hole

In this week’s CIO Weekly Investment Outlook podcast, Stefanie Holtze-Jen, the Private Bank’s Asia Pacific Chief Investment Officer speaks in Singapore to Deputy Head of IPB Communications Sarah Stabler, ahead of U.S. Federal Reserve Chair Jay Powell’s highly anticipated remarks at the central bankers' meeting in Jackson Hole, Wyoming.

Expecting Fed Chair Powell to set the tone for this coming week, Stefanie weighs up who may win; the hawks or those choosing victory over inflation, and how then markets may react to U.S. and Eurozone data due out in the week.

Stefanie welcomes good news for Chinese tech companies this week and hopes the sentiment holds in light of Chinese data release in the week ahead, given the zero-Covid policy holding back the recovery trade. This is in contrast to restrictions lifting in Japan, and in Singapore, where the indoor mask mandate ends come Monday.

Weekly Investment Outlook: August 22, 2022 – Beware of the bears!

Dirk Steffen, the Private Bank’s Global Chief Investment Strategist, looks ahead to the meeting of global central bankers in Jackson Hole, Wyoming, where visitors are warned to “beware of the bears”. He’s hoping that message, designed to protect guests from the local wildlife, doesn’t translate to the markets.

Dirk also reports on last week’s Deutsche Bank CIO day, where his colleagues in the CIO office discussed their various macro forecasts for the remainder of the year, and considers the business confidence indicators expecting to be released this week.

Further insights

Follow the link below for further insights from our Chief Investment Office, including our latest quarterly outlook.


In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk.

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