Deutsche Bank Private Bank

Deepak Puri, CFA, Chief Investment Officer for the Americas, outlines what recent economic data could mean for Fed policy, and offers a view on U.S. equities as well as geopolitical considerations for investors. An update on GDP and the Fed's preferred inflation gauge will be in the spotlight this week. But recent economic reports suggest we're getting closer to the comfort zone for the Fed to move rates. Deepak says, "The US economy is not breaking, but is bending to a somewhat slower trajectory." Asked whether political events are reflected in market developments, Deepak says "a hundred days before the general elections, volatility tends to pick up", adding that "we're entering a somewhat challenging time." Finally, commenting on U.S. equities, Deepak says "just like in the previous few quarters, the big focus is on big tech, because the Mag 7 are expected to grow earnings at 30% year-over-year compared to the overall index of around 9%." Download and subscribe from Apple Podcasts and Spotify or listen here now: https://lnkd.in/emvemAau (When investing, your capital may be at risk) #CIOWeeklyInvestmentOutlook #privatebanking #wealthmanagement #CIOview

WATCH 🎥: What drives an elite athlete to win? And how can individual passion elevate an entire team’s performance? For James Wierzbowski, Flight Controller of the Germany SailGP Team, it’s all about efficiency. His job is to make sure the boat flies as high as possible, as fast as possible, for as long as possible. And achieving this, he says, comes down to maintaining efficiency on board. “We want the best outcome but we don’t want to overwork or overuse resources to get there.” With parallels between what the team is trying to achieve on the boat and their overall goal to minimise their carbon footprint, James and the team show how performance and sustainability go hand in hand. Deutsche Bank is proud to support the Germany SailGP Team because we share their values on and off the water. Discover more about what drives the Germany SailGP Team here: https://lnkd.in/eSAmnmje SailGP #PoweredByNature #SailGP #WealthManagement #DBxGermanySailGP #RethinkingPerformanceSustainably #RaceForTheFuture (When investing, your capital may be at risk)

SailGP Season 4 wrapped with a bang in San Francisco this weekend! We’re extremely proud of the Germany SailGP Team and the journey they’ve been on during their first season. Over 13 events and multiple continents – not to mention the sometimes dramatic weather conditions – the team have showcased their elite sailing skills and impressive teamwork on a global stage. As proud founding partner of the Germany SailGP Team, we’re delighted to have shared their journey and are excited for the team’s next challenge as Season 5 kicks off in Dubai this November. Congratulations also to the Season 4 champions, the Spain SailGP Team. As relative newcomers, the team climbed from last place in Season 3 to win Season 4 – a result that we hope inspires their fellow newcomers. Well done again to the Germany SailGP Team – see you for Season 5! SailGP #PoweredByNature #SailGP #DBxGermanySailGP #WealthManagement #SanFranciscoSGP #RethinkingPerformanceSustainably #SailGPGrandFinal #SailGPDubai (When investing, your capital may be at risk)

Dirk Steffen, our Chief Investment Officer EMEA and Global Chief Investment Strategist, discusses recent inflation prints, elaborates on European assets after elections and comments on the Q2 earnings season. Inflation data from the U.S. came in slightly lower than expected which caused quite a bit of rotation. "Everybody's darlings – the megacaps and growth stocks – underperformed significantly while small-cap stocks, represented by the Russell 2000, outperformed," says Dirk. Commenting on elections in Europe, Dirk says: "While politics usually impact capital markets just for a short period of time, this time, these effects could last a bit longer." But there's good news: "Fundamentally speaking, European stock markets look quite attractive as we have a turning economy which provides better growth" adding that "this comes at a price that is at a record low versus U.S. equities." Finally, earnings season just kicked off and although the extended technology industry is still doing very well, growth rates (albeit strong) are coming down. Dirk sees "other sectors coming back and we're getting to a market which is more balanced, leading to an overall healthier market environment." Download and subscribe from Apple Podcasts and Spotify or listen here now: https://lnkd.in/emvemAau (When investing, your capital may be at risk) #CIOWeeklyInvestmentOutlook #privatebanking #wealthmanagement #CIOview

We are pleased to announce the appointment of Hugo van Kattendijke as Head of External Asset Managers (EAMs) for Private Bank Emerging Markets, effective August 19, 2024. Head of Emerging Markets Marco Pagliara said: “I am pleased that such a deeply respected professional of Hugo’s calibre is joining our Emerging Markets franchise to lead EAM engagement in the evolving market landscape. With his experience and understanding of this important market segment, Hugo will play an instrumental role in refining our EAM strategy and sharpening our network of providers.” Based in #Singapore and reporting to Marco, Hugo brings to Deutsche Bank more than 20 years’ experience in financial services and direct management experience with EAMs, having worked with institutional asset managers in Asia Pacific since 2004. Hugo joins us from UBS / Credit Suisse where he was Head of External Asset Managers APAC. Before joining Credit Suisse in 2022, he held various roles over ten years with UBS, including from 2015 to 2018 as Head of Asset Servicing APAC and from 2018 to 2022 as Head of Financial Intermediaries APAC. He joined UBS in 2011 from Vontobel Banking Group’s Harcourt Investment Consulting arm, where he was Executive Director, Head of APAC. Hugo holds a Master in Business Administration from INSEAD, and a Master of Science in Econometrics from Erasmus University, Rotterdam. Welcome to #teamDB, Hugo! #wealthmanagement #privatebanking #familyoffices

The Financials sector is the second-best performing sector of the STOXX 600 European stock index this year, with banks ahead of all other subsectors. The turmoil around the French elections, S&P’s downgrade of France in May and Moody’s negative statements about the potentially fragmented French parliament have created doubts about the European investment story – but should we consider current uncertainty as a short-term setback? In our CIO Viewpoint on equities, we consider the European Financials sector’s sound fundamentals and why it has the potential to continue its year-to-date outperformance. You can download the full report here: https://lnkd.in/eNa3F_cX (When investing, your capital may be at risk) #wealthmanagement #privatebanking #equities

San Francisco Bay plays host to the SailGP Season 4 Grand Final this weekend! Following 13 intense events at iconic venues around the world, the Germany SailGP Team now reach the finale of their very first season. A season that has seen plenty of exciting moments for the team, from well-placed finishes to capsizing competitors and even a full-blown storm. Set against the backdrop of the Golden Gate Bridge, it’s certain to be an adrenaline-fuelled final showdown of the 10-strong F50 fleet – and a golden opportunity for the Germany SailGP Team to end the season on a high. What better way to sail into Season 5 when it kicks off in Dubai this November? Viel Erfolg, Germany SailGP Team! As proud founding partner of the Germany SailGP Team, we’re rethinking performance sustainably. If you want to watch the races live, visit: https://lnkd.in/efEEHW58 SailGP #PoweredByNature #SailGP #WealthManagement #DBxGermanySailGP #SanFranciscoSGP #RethinkingPerformanceSustainably (When investing, your capital may be at risk)

Our Head of Private Bank UK James Whittaker was quoted in the The Financial Times talking about how family offices are navigating geopolitical risks. ➡️ https://lnkd.in/ebC33uU9 At this year’s family office conferences in Singapore and London, our attendees identified geopolitics as the global theme which is impacting their asset allocation decisions the most. Asked where family offices are looking to increase their asset allocation over the next three years, the top three regions were Asia, North America and Europe. Family offices have complex and geographically diverse needs spanning personal, trust and corporate operations. Deutsche Bank has managed the intergenerational wealth of some of the world’s most influential families and served as a trusted partner to wealthy families and their advisers for more than 150 years. (when investing, your capital may be at risk) #familyoffices #wealthmanagement

Talking to Yahoo Finance yesterday, our CIO for the Americas Deepak Puri, CFA elaborated on the Federal Reserve's next steps, and shared his take on the upcoming earning season. A September rate cut by the U.S. central bank is widely expected, and the recent nonfarm payrolls report showed signs of cooling in the labour market – something that gives the Fed some room to manoeuvre. But Deepak advised caution: "A rate cut does not necessarily mean that it's going to be a catalyst for another leg up in the equity markets". Regarding corporate results, he said the focus will remain on big technology companies and that markets could get a boost even though earnings expectations are high. "We are in a slower growth environment. And growth is at a premium in a slower growth environment". Watch here: https://lnkd.in/duTBAx7K (When investing, your capital may be at risk) #wealthmanagement #privatebanking

At Reuters #Next24 APAC in #Singapore today, our APAC Chief Investment Officer Stefanie Holtze-Jen, CFDS discussed the investment climate in the region, from investment appetite for China to supply chains in Southeast Asia. Speaking with #BreakingViews columnist Anshuman Daga and other panelists, Stefanie talked about her recent visit to Malaysia and investment interest into technology as part of the ASEAN supply chain story. "Currently Southeast Asia economies are benefiting from de-risking of supply chains related to China. For example, Malaysia is profiting from the AI and tech boom, in alignment with China," she said. Stefanie said China’s Third Plenum scheduled for next week will provide a “red carpet” for what the central government plans for economic stimulus. Commenting on foreign risk appetite for China, she said: “Asia UHNW clients can see on the ground the investment opportunity, but European investors aren't convinced. But you can't just circumvent China. You look at 5% growth via a vis Europe and the US, and it’s a solid story.” Stefanie said the Alternatives asset class in Asia is getting a lot of attention. “The ultra-rich are growing their interest, and we are providing access to Alternatives like private equity, and it's definitely picking up.” #wealthmanagement #privatebanking (if invested, your capital may be at risk)