CIO Publications
Gain expert perspective on the potential risks and opportunities ahead in the latest reports published by our global Chief Investment Office (CIO).
PERSPECTIVES Annual Outlook
PERSPECTIVES Annual Outlook
Cyclical impulses: key investment themes for Europe in 2026
Europe's story is one of cautious optimism, strategic intervention, and the search for sustainable growth. Deutsche Bank Private Bank’s CIO for Germany, Ulrich Stephan, outlines what investors should watch out for in the year ahead.
Jan 09, 2026
PERSPECTIVES Annual Outlook
Fierce competition: key investment themes for emerging markets in 2026
Deutsche Bank’s CIO for Emerging Markets, Professor Dr Jacky Tang, explores how fierce competition for critical commodities, shifting supply chains and evolving policy landscapes are shaping risks and opportunities for investors in 2026.
Jan 07, 2026
PERSPECTIVES Annual Outlook
Transformative forces: key investment themes for the US in 2026
Deepak Puri, Deutsche Bank Private Bank’s CIO for the Americas, outlines how AI-driven innovation, economic resilience, and shifting market dynamics in the US are setting the scene for recovery and opportunity in 2026 and beyond.
Jan 07, 2026
PERSPECTIVES Annual Outlook
Annual outlook 2026: Investing in tomorrow
The global economy is in flux, trade flows are shifting and new technologies are redrawing the economic map. In PERSPECTIVES 2026, we look to the year ahead across our ten key investment themes, identifying opportunities and risks for investors.
Dec 05, 2025
PERSPECTIVES Quarterly Updates
PERSPECTIVES Quarterly update
CIO PERSPECTIVES: Economic and asset class update – September 2025
Published following our quarterly CIO Day, this outlook provides a summary update of our economic and asset class views for the year ahead.
Sep 12, 2025
PERSPECTIVES Quarterly update
CIO PERSPECTIVES: Economic and asset class update – June 2025
Published following our quarterly CIO Day, this outlook provides a summary update of our economic and asset class views for the year ahead.
Jun 03, 2025
PERSPECTIVES Quarterly update
CIO PERSPECTIVES: Economic and asset class update – April 2025
This is an updated version of our quarterly PERSPECTIVES Economic and asset class outlook following our ad hoc CIO Day.
Apr 25, 2025
PERSPECTIVES Quarterly update
Economic and asset class update – Q2 2025
The latest quarterly update of our views includes 2025 and 2026 forecasts for GDP growth and inflation, along with 12-month targets for key policy rates and markets.
Mar 25, 2025
PERSPECTIVES Series
PERSPECTIVES Annual Outlook
Cyclical impulses: key investment themes for Europe in 2026
Europe's story is one of cautious optimism, strategic intervention, and the search for sustainable growth. Deutsche Bank Private Bank’s CIO for Germany, Ulrich Stephan, outlines what investors should watch out for in the year ahead.
Jan 09, 2026
PERSPECTIVES Annual Outlook
Fierce competition: key investment themes for emerging markets in 2026
Deutsche Bank’s CIO for Emerging Markets, Professor Dr Jacky Tang, explores how fierce competition for critical commodities, shifting supply chains and evolving policy landscapes are shaping risks and opportunities for investors in 2026.
Jan 07, 2026
PERSPECTIVES Annual Outlook
Transformative forces: key investment themes for the US in 2026
Deepak Puri, Deutsche Bank Private Bank’s CIO for the Americas, outlines how AI-driven innovation, economic resilience, and shifting market dynamics in the US are setting the scene for recovery and opportunity in 2026 and beyond.
Jan 07, 2026
PERSPECTIVES Memo
Risk event in Venezuela: No shift in our market outlook
Financial markets remain largely unaffected by the removal of Venezuela‘s President Maduro. Our positive market and economy outlook for 2026 also remains unchanged.
Jan 06, 2026
PERSPECTIVES Viewpoint Fixed Income
Steep curves and fiscal crossroads
Global bond markets are entering a new era of steeper curves and persistently higher yields. We explore what this landscape could mean for investors.
Dec 16, 2025
PERSPECTIVES Viewpoint Commodities
Navigating metals, energy & strategic materials
Ranging from gold to rare earths, this PERSPECTIVES Viewpoint dives into the forces driving volatility, opportunity, and risk across the commodity spectrum.
Dec 15, 2025
ESG & CIO Nature Series
PERSPECTIVES Special
ESG investment performance: drivers and management
This PERSPECTIVES Special explores the nuances behind the numbers, showing that ESG performance depends heavily on how it's defined, implemented and measured. Read for more details today.
Sep 10, 2025
PERSPECTIVES Special
ESG and Sustainability Market Monitor
The client-ready ESG and Sustainability Market Monitor helps you stay informed and up-to-date on the latest developments in environmental, social and governance (ESG) investing and the transition to more sustainable economies.
Apr 14, 2025
PERSPECTIVES Special
EU carbon market: more to come
These changes should accelerate Europe’s path to decarbonization, reinforcing the EU’s leadership in climate policy. Industries will need to adapt to tighter regulations, while investors navigate an evolving carbon market with new risks and opportunities. The coming years could shape the balance between economic growth and environmental responsibility, potentially setting a precedent for future carbon pricing mechanisms worldwide.
Mar 10, 2025
ESG jargon-buster
What are nature-based solutions?
If you can leverage the power of nature to support human flourishing, that’s a nature-based solution. Like tree canopies that combat urban heat and pollution, or coral reefs that limit coastal storm surges, nature-based solutions rely on the inherent value of the natural world to improve human environments.
Dec 12, 2024
What is the sustainable transformation?
Learn more about the sustainable transformation in our jargon busting piece, and how business, practices and the economy are being reshaped.
Nov 26, 2024
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PERSPECTIVES Special
ESG Survey 2024: Investing in the sustainable transition
Our 4th annual ESG Survey shows that investors are already investing in the sustainable transition, with evolving views on what are likely to be the leading future sectors and return drivers. Fueled by pragmatism as well as principles, ESG investment is happening. Read more.
Nov 12, 2024
Podcasts
PERSPECTIVES Weekly Podcast
A strong start for markets
Markets started 2026 from a position of strength despite some geopolitical instability, says Christian Nolting, the Private Bank’s Global Chief Investment Officer. Christian also discusses the bond market's busy start to the year and why US inflation figures are likely to get a lot of attention in the week ahead.
Future Fundamentals Podcast
Putting nature on the balance sheet
In our Future Fundamentals podcast, Naoko Ishii, Executive Vice President of the University of Tokyo and Director of the Center for Global Commons, and Markus Müller, our Chief Investment Officer for Sustainability, discuss putting nature on the balance sheet and how to build a coordinated financial response to this global challenge.
Future Fundamentals Podcast
Sustainable cities
The Private Bank’s ESG CIO Markus Müller and Dr. Philipp Rode of the London School of Economics (LSE) look at how cities can adapt to increasing social, economic and environmental pressures in an ever-more urbanised world.
Future Fundamentals Podcast
Measuring sustainability
Deutsche Bank Private Bank’s ESG CIO Markus Müller and Anna Katharina Mayer, Club of Rome member and FindingSustainia co-founder, look at the complex issues around measuring sustainability – in other words, how we assess the real impact of corporate, government and individual actions on the natural world around us.
Future Fundamentals Podcast
Sustainable value chains
Deutsche Bank Private Bank's ESG CIO Markus Müller and Deutsche Bank Research’s Marion Laboure look at value chains in the global economy – and why there are increasing concerns about their sustainability.
Future Fundamentals Podcast
Sovereign carbon credits
Claire Coustar of Deutsche Bank’s Investment Bank joins Markus Müller, Chief Investment Officer ESG & Global Head Chief Investment Office at Deutsche Bank's Private Bank, to discuss the recent evolution of the sovereign carbon credits market and how it will help us value and protect natural assets.
Future Fundamentals Podcast
The future of work and the ReRo revolution
Marion Laboure, Senior Economist at Deutsche Bank and Research Lecturer at Harvard University, joins Markus Müller, Chief Investment Officer ESG & Global Head Chief Investment Office at Deutsche Bank's Private Bank, to discuss the continuing process of workplace change and the Remote working and Robotics (ReRo) revolution.
Future Fundamentals Podcast
Medtech: the future of healthcare beyond COVID-19
University of Oxford professor and medical device innovator Constantin Coussios joins Deutsche Bank’s Christian Nolting to discuss how digitalisation and demographics are converging to improve lives and create investment opportunities.