PERSPECTIVES Weekly: The Investment podcast

• Countdown to the end of the tariff pause

  Stock markets are trading around record highs after a bumpy second quarter – but the end of the Trump administration’s tariff pause and the kick-off of US earnings season will be in focus in the week ahead, says Markus Müller, the Private Bank's Chief Investment Officer for sustainability and head of the CIO office. "The Q2 S&P rally has indeed been remarkable", Markus says. "Investors have gone back into US stocks. The rally is supported by a very resilient US job market."The Federal Reserve will release minutes from its latest meeting this week, and there will be important data coming of China and elsewhere. But Markus says that the tariff notices coming from the US administration will be critical, because they "could have material implications for inflation, supply chains and geopolitics." For more investing insights, please visit deutschewealth.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. © 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

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• What’s next after the Fed’s "dovish hold"?

  “Most central banks will prefer to sit back and wait and see.” In this week’s PERSPECTIVES Weekly podcast, the Global Head of the Private Bank’s Chief Investment Office, Markus Müller, notes that the U.S. Federal Reserve’s decision to stay put on rates is likely to be echoed by other central banks, as the economy confronts geopolitical instability and trade uncertainty. The Fed’s Chairman, Jerome Powell, made clear that the U.S. central bank is “well positioned to take a wait-and-see approach on the future path of rate cuts.” In his other capacity as the Private Bank’s CIO for Sustainability, Markus also takes a moment to explain some recent developments in carbon-capture technology, and to consider the possible impacts on carbon markets, particularly the better-developed one in Europe. It is not only carbon emitters who need to pay attention, he says. “Carbon capture is an essential ingredient for society, not an option – in our point of view – if we want to limit climate change.”Of the macroeconomic data coming this week, “the really big one is, of course, the University of Michigan consumer sentiment on Friday,” Markus says. “And the Fed might be watching this one too.”For more investing insights, please visit deutschewealth.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. © 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

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• All eyes on business confidence as markets recover

  Markets have staged a remarkable recovery from the sell-off that began in early April, and "it's been an incredible month", says Dr. Dirk Steffen, the Private Bank's EMEA CIO. "We are still talking about significant tariffs, but there seems to be more of a managed approach", Dirk says.A big part of the rally was "a very supportive earnings season", Dirk says, noting that the important data in the week ahead will be figures on business confidence. "These will be at the centre of the market discussion."For more investing insights, please visit deutschewealth.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. © 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

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• Trade talks, corporate forecasts, and the inflation outlook

  Markets are looking for clarity on what the baseline tariff rates will ultimately be among key trading partners – and the recent U.S.-U.K. trade deal offers a promising sign, says Deepak Puri, the Private Bank’s Chief Investment Officer for the Americas. "It might be sort of a blueprint for other trade agreements”, Deepak says, adding that purchase agreements and market access will be closely watched, in addition to the tariffs themselves.In the week ahead, U.S. inflation figures will be a key consideration, but Deepak says investors should also pay attention to retail sales data, which could show a moderating trend.For more investing insights, please visit deutschewealth.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. © 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

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• A moment of calm after the tariff storm

  Markets have been in a period of relative calm since the significant moves that followed ‘Liberation Day’, but "I'd be a brave man to predict no volatility", says Markus Müller, the Private Bank's CIO for sustainability. "I do hope the worst is over for now, at least until we approach the end of the 90-day pause at the end of July", Markus says, noting that markets will be looking for progress on trade deals in the meantime.In the week ahead, Markus says a rate cut is unlikely from the Federal Reserve, though a cut may come from the Bank of England. He also notes that Chinese economic figures could be an important sign of the impact of the tariff debate. "Keep an eye on the Chinese data. And don't forget earnings season is still going on", Markus says.For more investing insights, please visit deutschewealth.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. © 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

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