Deutsche Bank Private Bank

This morning, our CIO EMEA and Global Chief Investment Strategist Dirk Steffen was a guest on CNBC to explain the sell-offs in the stock market. Although he expects further losses if the Trump administration stays put on the tariffs, he also sees interesting opportunities as the current environment suggests that "we are in an area where a recession is already priced in to some extent". Dirk sees potential entry opportunities in US growth stocks in the technology and communication sectors, and is keeping a close eye on European investment-grade bonds. He also said: "Fundamentally speaking, the European response that was anticipated will probably now be even stronger." Watch now: https://lnkd.in/ekp5vQJa #selloff #CIOview (when investing, your capital may be at risk)

In this week’s #PERSPECTIVES podcast, the Private Bank’s Chief Investment Officer EMEA, Dr. Dirk Steffen, says that while the Trump administration has rolled out its global tariffs and markets have slumped in response, "it's our job to keep calm and invest in a very disciplined way." He notes that diversification and potential hedges are hot topics, as "it's really important to focus on risk management these days." Earnings season is coming up, and minutes from the Federal Reserve’s recent meeting are due in the week ahead, but corporate reports economic data could be drowned out by tariff headlines for now. "The next few weeks at least will be very volatile", Dirk says. Download and subscribe from Apple Podcasts and Spotify or listen here now: https://lnkd.in/emvemAau (When investing, your capital may be at risk.) #CIOInsights #privatebanking #wealthmanagement

Markets have been jolted by the Trump administration's tariffs, and retaliatory moves by various countries are under discussion. When uncertainty rises, it is critically important to take a broad view and strategise. The Private Bank's Americas CIO Deepak Puri, CFA prepared a video to explain the potential impacts for financial markets and investors. He considers: ➡️ The likelihood of retaliation from U.S. trading partners ➡️ The potential for increased stock market volatility ➡️ Emerging opportunities for savvy investors “President Trump’s policies can be divided into two buckets: supply chain-disruption oriented, like trade, tariff, and government efficiency initiatives, and pro-growth policies like the fiscal stimulus plan, and the regulatory relief for companies in the months to come”, Deepak says. “Given the sequencing of the events, the market has had to digest the disruptive policies up front. But we do expect a better policy environment during the second half of the year." 🎥 Watch the video below or here: https://lnkd.in/eUaAMPzt #privatebanking #wealthmanagement (When investing, your capital is at risk)

In this week’s #PERSPECTIVES podcast, we look ahead to “Liberation Day” – the term used by President Donald Trump to describe Wednesday, April 2, when he is expected to make a new major announcement on tariffs. Deepak Puri, our Chief Investment Officer for the Americas, expects this announcement will focus on reciprocal tariffs, designed to match the import tariffs other countries currently place on U.S. goods. He also discusses sectoral tariffs and secondary tariffs and what they could mean for global markets. Whatever is announced this week, “markets are going to remain on edge", Deepak predicts, adding that “we’re now facing the peak of policy uncertainty with regard to trade and tariffs.” He explains that markets need to establish a baseline cost of tariffs, measuring their economic impact. In the short term, these costs will be two-faced: “One will be increasing price pressure for US consumers and the second aspect is lower growth.” Finally, it’s an important week from a macro perspective, as we will receive the most recent snapshot of the U.S. labour market and ISM data for both manufacturing and services in the U.S. Download and subscribe from Apple Podcasts and Spotify or listen here now: https://lnkd.in/emvemAau (When investing, your capital may be at risk.) #CIOInsights #privatebanking #wealthmanagement

🏆 We were proud to receive 15 awards last night at the Euromoney Global Private Banking Awards 2025, in a glittering ceremony held at London's Savoy Hotel. Our Private Bank won the World’s Best Bank for Entrepreneurs award for the third consecutive year, and the World’s Best Bank for Commercial Real Estate. We also won a raft of other regional and country awards, including: – Best Private Bank in Germany – Best for UHNW in Belgium, Germany and Italy, and – United Kingdom's Best for Family Office Services – United States’ Best International Private Bank Find out more, here: https://lnkd.in/eFXufmNu (When investing, your capital may be at risk.) #privatebanking #wealthmanagement Deutsche Bank

We are proud to be sponsoring the Business Leader Summit in London today. Supporting entrepreneurs has always been a core part of our DNA and today’s group of 500 Founders and CEOs have come together with a shared focus on growth. Given Deutsche Bank’s strong commitment to the UK, it has been fantastic to hear from so many thriving UK businesses. Our Head of Private Bank UK & Nordics, James Whittaker, said: "Today's event is a great opportunity for all the participants to hear from a number of the people who have achieved so much and are already on the Great British Billion-Pound Businesses list. We are delighted to continue to build our partnership with Business Leader." More on Business Leader and the Great British Billion-Pound Businesses: https://lnkd.in/ei5dXh9q #BLS25 #entrepreneurs

April 2 is expected to be an important day for markets, as investors await announcements from the Trump administration on tariff plans for the coming years. Americas CIO Deepak Puri, CFA appeared on Bloomberg on Monday to help make sense of it. "I think you need to establish the base cost of trade and tariffs on the economy, and what I mean by that is: What is the impact on slow growth and higher inflation from the trade and tariffs?" But even after April 2, Deepak says that it will take some time for the outcome of any policy moves to become clear. "I think it's a fluid story, so you can't really make too much out of it. But it is a pivotal moment in this first six months of the Trump administration." 🎥 Watch the full clip here: https://lnkd.in/eNmdetqw (When investing, your capital is at risk) #privatebanking #wealthmanagement

Rarely does a week go by without tariffs being in the spotlight. In this week’s PERSPECTIVES podcast, we asked Christian Nolting, our Global Chief Investment Officer, what he expects them to mean for investors. "The uncertainty of tariffs is not helpful for growth," he said, noting that professional investors have very different views, and therefore a range of expectations for tariffs, worldwide. “We expect tariffs at the higher end for Europe, as we have seen with Mexico and Canada,” he added. However, he does see opportunities for negotiations down the road. Christian also walked us through his expectations for future rate cuts by the Federal Reserve, following the widely expected decision to keep rates unchanged at last week’s meeting. “Central banks are still a bit concerned about inflation – a view we fully share,” he said, adding that it's "important for markets in this environment that central banks do not add more volatility." Download and subscribe from Apple Podcasts and Spotify or listen here now: https://lnkd.in/emvemAau (When investing, your capital may be at risk.) #CIOInsights #privatebanking #wealthmanagement

Change is coming soon to the European Union's carbon market, and the impacts are likely to be visible in both sustainability metrics and asset prices. From 2026 onward, expect significantly tighter emissions caps, the full implementation of the Carbon Border Adjustment Mechanism (CBAM), and the end of frontloading auctions. These changes are projected to drive up carbon-credit prices, impacting industries and investors across the board. This transition presents both challenges and opportunities. Industries will need to adapt to stricter regulations and explore innovative decarbonisation strategies. For investors, the evolving carbon market presents new risks to manage and potentially lucrative opportunities. 📈 The EU's carbon market is poised to become a global benchmark for pricing mechanisms. How will your business or investment strategies adapt to this evolving landscape? 🤔 Our PERSPECTIVES Special digs into the details of what is expected, and when. Read the complete report here: https://lnkd.in/evn6s6dT (When investing, your capital is at risk) #wealthmanagement #privatebanking

The Private Bank's Americas CIO Deepak Puri, CFA was a guest on CNBC last night, where he explained recent volatility and dug into how investors are thinking about the state of markets. "What is happening is that the market is doing its own cost-benefit analysis in regards to what is happening with trade and tariffs, and right now the costs are a little bit more extreme than the benefits", Deepak said. "Unless something dramatically changes to that narrative, I think that any gains you see in the markets might be short-lived." But he also pointed to potential gains, including in Europe where new fiscal programs are proposed. "I think you're talking about Germany really cranking up in terms of their fiscal spending, and it's not Germany alone." 🎞️ Watch the complete clip here: https://lnkd.in/etuV6HX3 (When investing, your capital is at risk) #privatebanking #wealthmanagement