PERSPECTIVES Weekly: The Investment podcast

The week ahead will include a wealth of economic data, though most of that could be drowned out by the escalating conflict in the Middle East, says Dr. Jacky Tang, the Private Bank's emerging markets CIO.
"The Middle East will remain the dominant narrative driver for day-to-day price action, but this week's economic data provides key cross-checks on whether we are facing a pure inflation shock, a growth shock, or both," Jacky says.
He also notes that history has shown that the impacts of even major conflicts on markets tend to be fleeting. “Geopolitical events have rarely had a lasting effect on global stock markets unless they had significant economic impact. So far, our outlook for equity markets remains positive,” Jacky says, pointing to safe haven demand for government bonds, and the possibility of higher gold prices and a firmer US dollar.
But even if economic data won’t be top of mind this week, Jacky points to some important reports due, including the Federal Reserve’s preferred inflation gauge. “We think the Fed could stay on hold in the next few months and monitor closely the inflation trends.”
For more investing insights, please visit wealth.db.com.
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. 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. Investments come with risk. 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.
The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany’s Federal Financial Supervisory Authority (BaFin) and by Germany’s central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States.
Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group.
The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2026 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121

Strong results from major technology hyperscalers recently did not make much of an impression on stock markets, says Dr. Jacky Tang, the Private Bank's emerging markets CIO. "We believe there's still long-term confidence in the big technology platforms, particularly around AI and cloud. But the scale of investment required to sustain that leadership has risen sharply", Jacky says. “The mood, I would say, is constructive but disciplined, with markets looking for clearer evidence that today's investment cycle delivers durable returns.”
As for this week’s important economic data, “U.S. non-farm payrolls sit at the top of the list this week. That's the data point that really anchors the market's view on the Fed”, Jacky says. He also points to ongoing developments in trade policy as important to watch.
For more investing insights, please visit wealth.db.com.
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. 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. Investments come with risk. 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.
The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany’s Federal Financial Supervisory Authority (BaFin) and by Germany’s central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States.
Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group.
The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2026 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121

The US Supreme Court ruled that a broad swath of President Trump’s tariffs are illegal, but there is still much to sort out after the decision, says Deepak Puri, the Private Bank’s Chief Investment Officer for the Americas.
“It's not the time to really change your asset allocation or portfolio construction, because I feel that a lot of this was already sort of baked into the market reaction,” Deepak says. “I don't think last Friday's decision really rules out or addresses the issue of potential refunds, which is what the market really wants more clarity on. But if made, those refunds could total around $170 billion. So there might be some uncertainty there.”
In the week ahead, some key earnings reports are likely to get a lot of attention, Deepak says. “The bulk of the fourth-quarter earnings is behind us, but still some of the key players are going to be reporting this week” he says, noting some major technology names. But for the year ahead, “The key question is going to be whether the trend of the strongest earnings growth that we have seen in the technology sector stays with us in 2026.”
For more investing insights, please visit wealth.db.com.
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. 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. Investments come with risk. 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.
The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany’s Federal Financial Supervisory Authority (BaFin) and by Germany’s central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States.
Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group.
The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2026 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121

Markus Müller, the Private Bank’s Head of the CIO Office and CIO for Sustainability, joins this week’s PERSPECTIVES Weekly Podcast to highlight the forces shaping markets during Chinese New Year.
Markus notes that while near‑term data releases will attract attention, the more important focus is China’s ongoing structural transition. As he puts it, “it isn’t true that China is stagnating – it’s still transforming very fast.” He points to the country’s rapid expansion in areas like clean energy as evidence of this broader shift.
The episode also looks at AI-driven market volatility, with Markus emphasising that shifting sentiment may cause temporary tremors but that AI remains “a structurally positive story”.
Finally, Markus highlights the key releases he’s watching this week—from the FOMC Minutes to inflation data across major economies and the first February PMIs, offering early insight into global momentum.
For more investing insights, please visit wealth.db.com.
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. 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. Investments come with risk. 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.
The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany’s Federal Financial Supervisory Authority (BaFin) and by Germany’s central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States.
Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group.
The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2026 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121

Dr. Jacky Tang, Deutsche Bank Private Bank’s CIO for Emerging Markets, breaks down the key forces shaping Asia’s market outlook.
On Japan's weekend election, Jacky notes that “A victory for the LDP would point to broad policy continuity, with fiscal support and gradual BOJ normalisation still in place.”
He explains that such stability would support higher wages and investment, improving corporate profitability and contributing to a steeper yield curve that could benefit the banking sector.
The episode also explores upcoming CPI releases from China, India and the US, and why Asia’s inflation trends continue to diverge from those in the US. Jacky then discusses the latest developments in US-Asia relations — from reduced friction following the US-India trade agreement to a cautious stabilisation in US-China engagement.
For more investing insights, please visit wealth.db.com.
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. 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. Investments come with risk. 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.
The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany’s Federal Financial Supervisory Authority (BaFin) and by Germany’s central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States.
Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group.
The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2026 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121