Investing in tomorrow: our 2026 annual outlook

In light of the recent escalation in Iran, we discussed in our ad hoc Experts In‑House: CIO Update Call what these and other current developments could mean for capital markets and your investment portfolios.

In light of the recent escalation in Iran, we discussed in our ad hoc Experts In‑House: CIO Update Call what these and other current developments could mean for capital markets and your investment portfolios.

Oil prices will remain volatile as long as the outcome of the Middle East conflict is unclear, says Dr Jacky Tang, the Private Bank’s emerging markets CIO. “The best way to frame oil right now is that we are in a market dominated by headlines, but not by conviction."

In light of the recent escalation in Iran, we discussed in our ad hoc Experts In‑House: CIO Update Call what these and other current developments could mean for capital markets and your investment portfolios.

In light of the recent escalation in Iran, we discussed in our ad hoc Experts In‑House: CIO Update Call what these and other current developments could mean for capital markets and your investment portfolios.

In this PERSPECTIVES Special, we explore how the Hormuz-specific conflict with Iran has become a defining macro shock, disrupting global energy flows, lifting inflation risks, and reshaping cross asset and regional market dynamics, with the US relatively insulated but still exposed to higher prices and tighter financial conditions.

In light of the recent escalation in Iran, we discussed in our ad hoc Experts In‑House: CIO Update Call what these and other current developments could mean for capital markets and your investment portfolios.

We assess how a Hormuz-related energy shock transmits through APAC macro fundamentals, sector earnings and equity market positioning, and why it may act as a structural catalyst for Asia’s long term energy security transition rather than just a short-term market event.

In light of the recent escalation in Iran, we discussed in our ad hoc Experts In‑House: CIO Update Call what these and other current developments could mean for capital markets and your investment portfolios. Please click the button above to watch the recording.

In light of the recent escalation in Iran, we discussed in our ad hoc Experts In‑House: CIO Update Call what these and other current developments could mean for capital markets and your investment portfolios. Please click the button above to watch the recording.

Published following our quarterly CIO Day, this outlook provides a summary update of our economic and asset class views for the next 12 months.

Global Chief Investment Officer Christian Nolting reflects on the year to date, outlining the key risks and emerging opportunities shaping markets — and what they could mean for investors in 2026.

Global Chief Investment Officer, Christian Nolting and the CIO team discuss where the global economy and markets may be headed – and what this could mean for investors in the year ahead.

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.

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.

As the opening quarter of 2026 draws to a close, currency markets have gone through a clear regime shift. In this FX Viewpoint, we assess how these shifting macro and geopolitical forces may shape currency markets over the next twelve months. Learn more.

In 2025, the global hedge fund industry saw high net inflows with long/short (L/S) equity strategies continuing to form the largest sub-asset class in assets under management (AuM) terms. We discuss the opportunities and risks.

Parabolic precious metals gains snapped as margin hikes and crowded positioning triggered historic single-day plunges. This update evaluates the outlook for gold and silver.

Carry is taking centre stage again in 2026 as credit markets navigate elevated supply, tight valuations, and the accelerating AI financing cycle.

In this publication we explore how politics, monetary policy and fiscal stimuli are set to reshape major currency paths in 2026 and present our corresponding exchange rate forecasts.

Global bond markets are entering a new era of steeper curves and persistently higher yields. We explore what this landscape could mean for investors.