After the US conducted military strikes on Venezuela on January 3 and removed the head of state Nicolás Maduro from the country, the Supreme Court of Venezuela appointed Vice President Delcy Rodríguez as interim president, which has been ratified by the parliament. Maduro is facing a trial in New York. Risks of a disorderly transition and further escalation of the military conflict remain. Our PERSPECTIVES Memo, 'Risk event in Venezuela: No shift in our market outlook' discusses the implications for investors. 

Key takeaways:

  • Financial markets remain largely unaffected by the removal of Venezuela‘s President Maduro. 
  • Our positive market and economy outlook for 2026 remains unchanged. Geopolitical risk events generally have limited sustained impact on financial markets. 
  • In the medium-term oil prices might see some downward pressure as the prospect of additional supply from Venezuela gets priced.

The PERSPECTIVES Memo below is available to download. Please refer to the Important Information at the end of the memo for disclosures and risk warnings.

PDF

Language:

Related special reports

Searching for European investment themes

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

Mining for commodities

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

Statue of Liberty

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 venezuela

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

Steep curves and fiscal crossroads

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

TBC

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

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.

Change of name: As part of Deutsche Bank’s Private Bank, the former International Private Bank also adopted this title on July 20, 2023.