PERSPECTIVES Weekly: The Investment podcast

Geopolitical tensions have continued to dominate headlines in recent weeks, but markets appear to be taking a broader view. In this week's edition of the CIO Weekly Investment Outlook, Christian Nolting, Global Chief Investment Officer at Deutsche Bank Private Bank, discusses why, despite ongoing uncertainty, "it's not all about the Iran situation" for investors.
Christian explores the forces helping to support market sentiment, reflects on what has been a "stellar earnings season" so far, and explains why the full investment picture may be more nuanced than the headlines suggest. The conversation also examines recent developments in the Japanese yen, the challenges of influencing currency markets, and how investors should interpret the latest policy actions and signals from central banks.
Looking ahead, Christian discusses why markets are paying close attention to the Federal Reserve's upcoming July meeting minutes and highlights several economic releases and policy decisions on his radar, from Europe to Asia. Even during the quieter summer trading period, investors will need to "watch this very, very closely".
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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. © 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

Big tech earnings in the US have stolen a lot of headlines, but that should not distract from gains being made in other sectors and regions, says Dr Dirk Steffen, the Private Bank’s EMEA CIO. “The rally this year is not solely based on artificial intelligence and big tech companies. We have also other regions joining the earnings party,” Dirk says. “It’s good to see this broadening out.”
US inflation data is likely to take centre stage in the week ahead, Dirk says, as it will offer “a prelude to something more important we’ll get next week, when we have a look at the minutes of the last Fed meeting.” That’s because markets will be looking for more information on the Federal Reserve’s latest rate decision and outlook.
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

Stock markets have had some stumbles recently, with selloffs in the technology sector followed by rapid recoveries, but the fundamentals of the AI rally have not changed, says Dr. Jacky Tang, the Private Bank’s CIO for emerging markets. “The reality is these stocks have had incredible runs so far this year. So investors are constantly asking themselves whether they've become a little bit too optimistic,” Jacky says. “To me, this feels more like a market that's digesting the gains rather than a market that is losing its way.”
In the week ahead, the US jobs report is likely to be the event to watch, particularly after recent debates around how much the Federal Reserve is willing to do to control inflation. “The market is obsessed with trying to figure out what the Fed would do next. And I think the jobs report is one of the biggest clues,” Jacky says. “The last payroll number came in softer than expected. So everyone is waiting to see whether it was just a temporary wobble or the start of a broader cooling trend.”
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

Geopolitical tensions, central bank decisions and key economic data releases are all competing for investors' attention. In this week's episode of PERSPECTIVES, Markus Müller, the Private Bank's Global Head of the CIO Office and Chief Investment Officer for Sustainability, discusses the renewed Iran conflict, the outlook for inflation and growth, and what investors should watch in the week ahead.
Markus notes that the Chief Investment Office's "main scenario has always been that any ceasefire will be a fragile one", while emphasising that "global fixed income markets and energy prices are still the most sensitive to day-to-day conflict development".
Looking ahead, investors will be closely watching US growth and inflation data, alongside inflation readings from Europe and Japan and PMI data from China. Markus also highlights the potential longer-term implications of a possible "Super El Niño”, warning that its economic and inflationary effects could extend well beyond this year.
For more investing insights, please visit wealth.db.com
Subscribe to Markus’s “Talking Transformation” newsletter here.
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

Second-quarter earnings got off to a strong start in the US with solid results from big banks, but now markets will be focused on what the technology hyperscalers have to say about both earnings and their spending plans, says Dr. Dirk Steffen, the Private Bank's EMEA CIO. "We're getting closer to 1 trillion, maybe in a year or so, a trillion dollars that will be spent by a handful of companies in terms of capex and tech investments,” Dirk says. “It will be very important to hear what these companies are telling us about what they're planning to do."
In the fixed-income space, Dirk notes that a large wave of issuance from big technology firms earmarked for AI spending could be a factor keeping sovereign bond yields elevated. “This is leading to maybe a touch of less demand for sovereigns,” he says, noting that key market participants tend to favour corporate investment-grade bonds over their government counterparts.
In the week ahead, a policy decision from the European Central Bank will be interesting to watch, even though it is widely expected that interest rates will remain unchanged. “It will be interesting to see how they judge the current situation, especially in light of the renewed rise in oil prices and what it means for European economies.”
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