Direct from the Chief Investment Office (CIO) of Deutsche Bank’s Private Bank, this Weekly Investment Outlook is designed to brief you on our views about the week ahead. Each week, a senior member of our CIO team will summarise the most significant events we expect to take place over the coming days, how these might affect the markets and what the broader implications might be for the global economy.
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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.
The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany’s Federal Financial Supervisory Authority (BaFin) and by Germany’s central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States. Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group. The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2025 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121
The Private Bank just held its quarterly exercise in updating its forecasts for markets and economies, and EMEA CIO Dr. Dirk Steffen says that expectations for stocks remain strong.
“The main takeaway from our CIO day was our constructive take longer term on equities, because it’s mainly driven by earnings,” Dirk says, though he also notes that “we also focus a lot on risk management because this won’t be a straight line up.”
In the week ahead, Dirk says he’s going to be watching for US inflation figures, as well as a coming policy decision from the European Central Bank. Regarding the ECB, he thinks the market may be pricing in more rate rises in the coming 12 months than are likely to take place.
For more investing insights, please visit wealth.db.com
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.
The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany’s Federal Financial Supervisory Authority (BaFin) and by Germany’s central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States.
Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group.
The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2026 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121