In this PERSPECTIVES Viewpoint Equity – Reshuffling the cards – we comment on the latest equity market developments, possible determinants going forward and elaborate on our view concerning U.S. and German equity markets. Moreover, we provide a short update on Q4 2024 earnings season that is getting into full swing.

 

Key takeways

  • A higher level of dispersion could emerge as one central subject for equity investors in 2025, but U.S. equities are likely to remain the centre of gravity for the time being.
  • The overall outlook for the DAX is currently cloudy, especially since valuations now provide less crumple zone to deal with downside earnings surprises.
  • Q4 2024 U.S. earnings could prove reassuring, relative to lowered expectations. European earnings appear more at risk despite a steeper decline in hurdle rates.

 

The PERSPECTIVES Viewpoint is currently available and client-ready for the following regions: Germany, Americas, Europe, Middle East, Africa and Asia Pacific.

PDF

Language:

Related special reports

Indonesia and India flags

PERSPECTIVES Viewpoint FX

INR versus IDR: Similar pressure, different vulnerabilities

Explore how global pressures and domestic fundamentals drive contrasting dynamics in INR and IDR, shaping currency risks, policy responses and market outlook.

Jun. 18, 2026


Digital stock market chart with candlestick patterns on a screen

PERSPECTIVES Viewpoint Equity

Narrow leadership, resilient earnings and persistent risks

Explore the drivers of global equities as resilient earnings and AI momentum offset macro and geopolitical risks, with narrow market leadership and elevated valuations shaping opportunities.

Jun. 18, 2026


Low angle of building with plants

PERSPECTIVES Viewpoint Alternatives

Infrastructure: Scaling for a future-proof world

Explore how infrastructure is reshaping global investment opportunities, from AI-driven energy demand and grid modernisation to geopolitical resilience and critical resources.

Jun. 18, 2026


US–Iran peace deal visual showing market optimism with ongoing geopolitical risks

PERSPECTIVES Memo

US-Iran interim peace deal buoys markets, but risks remain

On Sunday, June 14, the US and Iran announced a preliminary political understanding aimed at ending the conflict, reopening the Strait of Hormuz, and shifting from military confrontation back to diplomacy.Read more.

Jun. 15, 2026


podcast hero

PERSPECTIVES Weekly Podcast

June 15 – What comes after mega IPOs?

Record-topping IPOs in the technology sector do not necessarily mean it is time to radically alter portfolios, says Dr. Jacky Tang, the Private Bank’s CIO for emerging markets. Discover more in this week's episode.

Jun. 15, 2026


Aerial view of highway curves symbolizing fiscal crossroads

PERSPECTIVES Viewpoint Fixed Income

Navigating the rates reset

Please find enclosed the latest edition of our PERSPECTIVES Viewpoint – designed to provide regular, up-to-date analysis of key trends in all the major asset classes. .

Jun. 11, 2026


See More

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.

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.

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.

This web page is not an offer to buy a security or enter into any transaction. The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. Please consider the sales restrictions relating to the products or services in question for further information. Deutsche Bank does not give tax or legal advice; prospective investors should seek advice from their own tax advisers and/or lawyers before entering into any investment.