Group 1 - The price of gold reached a record high of $3,757.60 per ounce, indicating investor fear and a search for safe havens, while the S&P 500 also hit a new all-time high at 6,664.36, reflecting optimism in the stock market [1][2] - Deutsche Bank's analysis suggests that investors are simultaneously bullish on equities and fearful of significant downside risks, highlighting a complex market sentiment [3] - Historical context shows that high gold prices often correlate with economic uncertainty, as seen in September when gold prices surpassed their inflation-adjusted peak from January 1980, a period marked by recession fears [4] Group 2 - Current investor fears include persistent U.S. inflation above target, potential government shutdowns, and concerns over a slowdown in payrolls, which have led to expectations of rapid interest rate cuts [5] - There is speculation about AI stocks being in a bubble, reminiscent of the dot-com boom, which previously caused a decline in gold prices due to over-optimism in tech stocks [6]

Core Viewpoint - A significant strategy known as "hedging against the US" is emerging in global capital markets, characterized by a massive influx of international funds into the US while simultaneously a potential trillion-dollar wave of shorting the dollar is brewing [1][2]. Group 1: Market Dynamics - Major Wall Street banks, including State Street, Deutsche Bank, and BNP Paribas, predict that the ongoing hedging activities will significantly pressure the dollar's performance in the coming year [2][8]. - Deutsche Bank noted that since mid-year, inflows into "dollar-hedged" US asset ETFs have surpassed those into "non-dollar-hedged" funds for the first time in a decade, indicating an unprecedented speed of this shift [2][8]. Group 2: Scale of Hedging - The potential scale of this hedging wave is estimated at approximately $1 trillion, which would restore the hedging ratio of global investors holding over $30 trillion in US stocks and bonds to the average level of the past decade [5][6]. Group 3: Investor Behavior - Foreign investors currently hold about $20 trillion in US stocks and approximately $14 trillion in US bonds, with a noted decrease in their hedging ratios for fixed income and equities by about five and two percentage points, respectively, in recent years [11]. - A survey by Bank of America revealed that 38% of global fund managers are seeking to increase currency hedging to counter a weakening dollar, marking the highest level since June [13]. Group 4: Operational Strategies - One common hedging method employed by overseas investors is selling dollar forward contracts to lock in exchange rates, which typically translates into selling pressure on the dollar in the spot market [9]. - The current hedging ratio for foreign investors has stabilized around 56%, down from approximately 70% mid-year, indicating a strategic shift rather than a mass liquidation of US assets [11].

Group 1 - A significant strategy in global capital markets is emerging, termed "hedging the dollar," with international funds flowing into the US while a potential $1 trillion shorting wave against the dollar is developing [1][4] - Major banks like State Street, Deutsche Bank, and BNP Paribas predict that this hedging trend will significantly pressure the dollar's performance in the coming year [1][4] - Deutsche Bank noted that since mid-2023, inflows into "dollar-hedged" US asset ETFs have surpassed "non-dollar-hedged" funds for the first time in a decade, indicating an unprecedented speed of this shift [1] Group 2 - The estimated scale of the hedging wave is around $1 trillion, which would restore the hedging ratio of global investors holding over $30 trillion in US stocks and bonds to the average level of the past decade [4] - The dollar's strength has been challenged, particularly after the Trump administration's tariff policies in April, which led to a sell-off in US stocks and bonds, contributing to the dollar's decline [6] - Analysts suggest that if the market speculates that the Federal Reserve is pressured by the White House to lower rates, the logical approach would be to favor US stocks and bonds while disfavoring the dollar [7] Group 3 - The most common hedging method among overseas investors is selling dollar forward contracts to lock in exchange rates, which translates into selling pressure on the dollar in the spot market [5] - As of April, the hedging ratio for foreign investors holding US assets stabilized around 56%, down from approximately 70% in mid-2023, indicating a significant shift in hedging behavior [8] - A recent survey by Bank of America revealed that 38% of global fund managers are seeking to increase currency hedging to address dollar weakness, marking the highest level since June [8]

Core Viewpoint - Gold prices continue to rise, supported by expectations of U.S. interest rate cuts, safe-haven demand, and central bank purchases, with a cumulative increase of nearly 10% this month [1] Group 1 - Despite investors perceiving the Federal Reserve's future policy statements as less dovish than expected, gold prices are still on an upward trend [1] - Barbara Lambrecht from Commerzbank suggests that the current momentum in gold prices may have paused, but Asian buyers are gradually adapting to the high price levels [1] - The expectation is that the Federal Reserve will cut rates more than the market anticipates next year, indicating a long-term bullish outlook for gold prices [1]

智通财经APP获悉，据外媒援引法庭文件报道，德意志银行(DB.US)首席执行官(CEO)克里斯蒂安·聚恩 (Christian Sewing)将面临一起索赔额达数百万美元的诉讼，原告为该行前员工。这些前员工指控，聚恩 曾主导一项针对衍生品交易的内部审计工作，而该审计存在严重缺陷。 此次诉讼由德意志银行前资深银行家达里奥·希拉尔迪(Dario Schiraldi)牵头，他与其他前员工共同提出 索赔，要求赔偿金额最高达1.52亿欧元(约合1.78亿美元)，理由是自身收入与名誉均因此遭受损失。 诉讼文件指出，以时任首席审计官的聚恩为代表的德意志银行管理层，曾试图掩盖其对"高收益但高风 险交易"的默许态度，同时将交易相关的责任全部推给一线银行家承担。 报道显示，希拉尔迪与另外五名德意志银行前银行家曾于2019年被意大利一家法院定罪，不过这一判决 在2022年被推翻，六人最终获判无罪。 ...

Core Viewpoint - Credit Agricole is exploring a potential merger of its Italian arm with Banco BPM, collaborating with Deutsche Bank and Rothschild on this deal [1] Group 1 - Credit Agricole is working with Deutsche Bank and Rothschild on the merger discussions [1]

Group 1 - The Federal Reserve's recent interest rate cut has led to a short-term spike in gold prices, reaching a historical high of $3744 per ounce before a quick decline [1] - As of September 18, COMEX gold futures were fluctuating around $3670 per ounce, reflecting market adjustments to the rate cut [1] - Since August, gold prices have increased nearly 10%, with a year-to-date rise of almost 40%, driven by concerns over the U.S. economy and inflation [1] Group 2 - Historical trends suggest that gold prices typically experience small gains or remain stable in the week following a Fed rate cut, with higher average returns observed one to three months later [2] - The market is currently cautious, with indicators showing that speculative net long positions in COMEX gold have decreased, indicating a cooling sentiment among institutional investors [2] - There is a notable divergence in ETF flows, with U.S. gold ETFs seeing net inflows while Chinese gold ETFs have recorded net outflows, marking China as the only significant region reducing gold holdings [2] Group 3 - Despite short-term risks, institutions maintain a positive long-term outlook for gold, with Deutsche Bank raising its 2026 gold price forecast from $3700 to $4000 per ounce [3] - The demand from central banks, particularly from China, is expected to support gold prices, with projections of 900 tons of gold purchases next year [3] - Long-term factors such as the U.S. fiscal deficit and ongoing central bank purchases are seen as key drivers for gold price support [3]

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Group 1 - Deutsche Bank AG's asset management arm, DWS, is preparing to sell its majority-owned data center platform, NorthC, for a potential valuation of over €2 billion [1][8] - NorthC was formed in 2020 through the merger of the Datacenter Group and NLDC, operating more than 20 regional, carrier-neutral sites across the Netherlands, Germany, and Switzerland [2] - The decision to sell follows NorthC's recent acquisition of six data centers in Germany and the Netherlands from Colt Technology Services, enhancing its European presence [3] Group 2 - DWS, managing about €1 trillion in assets, is reshaping its alternatives strategy due to challenges in attracting fresh inflows, shifting focus toward infrastructure investments [4] - The sale of NorthC aims to monetize a fast-growing digital infrastructure business amid booming demand in the European data center market, driven by artificial intelligence and cloud adoption [5] - The impending divestiture reflects DWS's strategic response to growing investor interest in digital infrastructure, allowing for improved fundraising prospects and redeployment into long-term growth projects [6] Group 3 - In the past six months, shares of Deutsche Bank have gained 44.5%, outperforming the industry's growth of 23% [7]

Core Insights - Deutsche Bank's CFO James von Moltke highlighted that the regulatory rollback in the U.S. is providing American banks with a competitive advantage over European banks [1][3] - Changes to leverage ratio rules may enhance U.S. banks' capacity to support market clients, potentially leading to margin contraction in fixed income and currency financing [2][3] Regulatory Environment - The Trump administration's efforts to loosen banking regulations have raised concerns in Europe regarding the competitiveness of European banks [3][4] - Von Moltke stated that while U.S. deregulation does not directly affect Deutsche Bank's operations, it will create a competitive disadvantage for European banks over time [3][4] Market Implications - The ongoing capital deployment by banks and private credit companies in fixed income and currencies is expected to continue, which may lead to margin contraction [2] - The balance between financial stability and growth is a critical consideration, as noted by von Moltke, indicating that the current regulatory environment may need reassessment [4] Open Banking Discussion - Dr. Bill Roberts emphasized the need for tailored approaches to open banking regulation, suggesting that legal powers may be more effective than relying solely on market forces [5]