Deutsche Bank Research

What’s moving markets now and what to watch in the coming months? In the latest Rate Check episode, ‘Themes and trades for the summer’, Deutsche Bank Research strategists, Henry Allen and Shreyas Gopal are joined by George Saravelos and Ioanis Sokos to explore FIC markets that are largely stable, despite persistent macro and geopolitical risks. Key takeaways: 🎙️ Dollar forces pulling in opposite directions – supportive US data and inflation meet a more resilient global backdrop 🎙️ Policy expectations back in focus – with questions building around how central banks react from here 🎙️ Opportunities emerging in relative value – as investors look to isolate interesting and idiosyncratic stories away from oil An appearance of calm, but with subtle risks at play. 🎧 Listen to the full episode for more – link in the comments below.

At Deutsche Bank’s upcoming dbAccess Global Consumer Conference in Paris, investors and company leaders will come together for three days of presentations, panel discussions and fireside chats on the key debates driving the sector. Topics in focus include: 💡 Consumer demand dynamics across the US, Europe, China and other key Emerging Markets 💡 Commodity and channel shift dynamics in rapidly evolving consumer product markets 💡 The growing impact of AI on demand creation, company cost structures and pricing With 100+ leading consumer companies and major global investors set to attend, the conference offers a unique opportunity to hear directly from management teams and engage on the issues shaping this dynamic industry’s next phase.

💬'I don't think markets are irrational – data at the global level has been a lot stronger than people expected, which differs from previous oil shocks where there were immediate data downgrades in the first month or two." Macro strategist Henry Allen appeared on Bloomberg’s The Opening Trade this morning, with Tom Mackenzie and Joumanna Bercetche. They discussed the market’s resilience to the current energy shock and whether that can last. You can watch Henry's appearance via the link below👇

🚀A strong start in Frankfurt. (L-R) Ross Mitchinson, Co-Head of Equity Distribution, Dawn Singleton, Head of Client Strategy and Corporate Access, Tim Rokossa, Head of Equity Research, and Nick Byrne, Co-Head of European Equity Research Sales, open Deutsche Bank’s dbAccess European Champions Conference, which brings together 100+ European companies and investors from around the globe. 💡Over the coming two days, we have a productive programme of keynote sessions, fireside chats and thematic panels, where conversations will centre on what’s next for markets, sectors and growth.

We are about to enter the age of ChatIPO. Adrian Cox, Thematic Strategist, gives his first take on reports that OpenAI and Anthropic are planning initial public offerings that could raise $60bn each in the coming weeks. If so, they will be ones for the history books. For more, see his latest report, ChatIPO: Quick Take on OpenAI's record-breaking IPO plans, on the Deutsche Bank Research Institute site (link in comments below). It’s available to all, so feel free to share.

🤖What an incredible two days at the Deutsche Bank Global Autos, Mobility & Robotics Conference at the DB Center in New York! Yesterday, we wrapped up one of the flagship events in the autos, mobility, and robotics sector calendar, where industry leaders shared their innovations and vision. From engaging group conversations to valuable one-to-one meetings, it was great to see so many brilliant minds come together to discuss the future of these dynamic industries. Our conference hosts, Tim Rokossa and Christoph Laskawi for European Autos and Edison Yu, for US Autos, Mobility & Robotics, couldn’t resist a lighter moment with some of the stars of the robotics world – pictured here with James Mulholland, CFA, CAIA and Winnie Dong alongside a life-size humanoid robot and a backflipping robotic dog 🤩 Thank you to all who attended and contributed to a highly successful conference. We're already looking forward to the next opportunity to connect, innovate, and drive progress in these transformative fields. For the top takeaways from the event, read our report on the Deutsche Bank Research Institute website – link in comments below. 👇

📈 European companies remain confident and seem increasingly resilient against geopolitical uncertainty. For example, high hedging ratios help alleviating pressure from rising commodity prices for now. Unless the Strait of Hormuz remains closed for much longer, European corporate earnings could continue to accelerate over the coming quarters. We’re bringing together more than 100 leading European companies and global investors at the annual Deutsche Bank dbAccess European Champions Conference in Frankfurt next week to discuss how to navigate what comes next. Through keynote sessions, fireside chats and thematic panels, this is an opportunity to find out how corporate leaders and investors are positioning for the next phase of growth. 🚀

Could the Fed hike rates in 2026? In the latest episode of Macro MATTers, Matthew Luzzetti, Chief US Economist, and Matthew Raskin, Head of US Rates Research, explore why markets are rethinking the path for US rates. Key takeaways: 💡 Inflation may prove more persistent, with demand and AI adding pressure. 💡 The Fed’s stance could be less restrictive than it appears in real terms. 💡 A stable labour market and inflation above ~3% could bring hikes into focus. 🎧 For the full analysis, listen to the podcast – link in comments below 👇

💬“I think we need a sequence of positive data to draw attention back to Europe” Our Head of European Equity- and Cross Asset Strategy Maximilian Uleer is currently overweight on US equities, but he still likes Europe... So what will it take for things to get better? 📺Watch Max's discussion with Anna Edwards, Guy Johnson and Tom Mackenzie on Bloomberg’s Opening Trade via the links below👇

The dollar is losing ground in central bank reserves. But not to other currencies – it is losing share to gold. Remarkably, gold is now a bigger asset class than the world's main safe asset: US Treasuries. This goes beyond market forces. It’s geopolitical. As the world fragments, central banks (especially in emerging markets) are rethinking what they hold. ▶️ Watch our latest dbInSights video where Mallika Sachdeva, Head of FX Thematics, Deutsche Bank Research, explains what’s driving the shift – and what could come next. And read the full report “The return of history: gold, the dollar, and the monetary future” on the Deutsche Bank Research Institute website – link in the comments below 👇