PERSPECTIVES Weekly: The Investment podcast

The Federal Reserve, the European Central Bank, and the Bank of Japan are all due to make policy decisions, but the ongoing earnings season is still the key focus this week, says Christian Nolting, the Private Bank’s Global Chief Investment Officer. “It's very important that they come in and reassure the market,” Christian says. “If that's not the case, I think we might enter a period where things are getting a bit more volatile.” Energy prices are also getting plenty of attention, with crude oil climbing above $100 a barrel as the Iran conflict goes on. And though natural-gas costs are a concern as the northern hemisphere nears winter, Christian says it is unlikely that countries will face a risk to their supply. “If it's a very cold winter, then I think the next year will be a bit more tricky on gas prices.” 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

Markets have been volatile, with both tech shares and bond yields wobbling – and EMEA CIO Dr. Dirk Steffen says there are a lot of reasons behind it, including political uncertainty. "Let’s not forget we’re heading into a period ahead of the midterm elections and the earnings season,” Dirk says. “I think this is a reason the market is a bit more nervous than usual." The high levels of investments that are going into the AI buildout mean that markets are also increasingly attuned to profitability measures. “All these investments ultimately need to lead to higher revenues and income,” Dirk says, adding that “the markets might focus on the sustainability of these earnings going forward and what's happening in the AI space in terms of monetisation.” 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

A summit of European leaders this week is likely to focus on the EU-China trade relationship, says Dr. Jacky Tang, the Private Bank’s CIO for emerging markets. “Europe is becoming more cautious about China. But that's also different from saying that it wants to walk away completely,” Jacky says. “A big part of the tension comes from the trade imbalance. Europe's trade deficit with China is enormous, and European policymakers are increasingly under pressure.” Meanwhile, elevated crude prices are lingering amid attacks on tankers in the Persian Gulf, but Jacky says that consumers are really feeling those higher costs when it comes to refined products, like gasoline, and natural gas. “Just because crude prices stop rising doesn't necessarily mean you are immediately paying less at the pump. The refining bottleneck can keep prices elevated for longer,” Jacky says. That dynamic is likely to keep markets focused on inflation figures expected around the world this week. 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

Bond yields are up around the world, but maybe “bond rout” isn’t the best way to describe it, says Markus Müller, the Private Bank's head of the CIO office and Chief Investment Officer for Sustainability. “I would not really say ‘rout’, but a sustained rise”, Markus says, adding that this supports the Private Bank’s long-held belief that interest rates will remain elevated. “Higher for longer is the name of the game.” In the week ahead, the release of the minutes from the Federal Reserve’s latest policy meeting will be closely scrutinised by markets for greater detail on the recent rate rise and the mood among central bank governors heading toward the end of the year. But Markus notes there will be plenty of other macroeconomic data worth watching, including US consumer confidence, German factory orders, and eurozone retail sales. 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 continued rise in consumer prices will have multiple effects going forward, notes Deepak Puri, the Private Bank’s Chief Investment Officer for the Americas, beyond the pressure it places on central-bank policy. “We are in the midst of an inflationary boom, which means that the growth numbers are going to be much higher,” Deepak says. “There is a concern that further policy adjustments are still needed to ensure inflation comes back to the stated target. And there's also a concern that the longer the higher inflation persists, the more challenging it's going to be to bring it down.” With corporate earnings season nearly upon us, Deepak says that markets will be watching for a continuation of the strong reports seen in 2026. “The reason why we're using the term ‘earning super cycle’ is because it is really a golden age for earnings,” Deepak says. “The stock market would love to see a continuation of the very strong earnings that we have had so far this year.” In the week ahead, jobs data and the Federal Reserve’s preferred inflation gauge are likely to get a lot of attention, but Deepak also points to matters of interest in the political world, including the conclusion of the recent Trump-Xi summit, and polling data that is consistently pointing to a likely strong showing for Democrats in the midterm elections. 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