Core Viewpoint - Deutsche Bank strategists expect the Federal Reserve to announce a halt to the reduction of its balance sheet in the upcoming policy meeting, rather than in December, to avoid a significant impact on its policy credibility following unexpectedly high repurchase rates this week [1] Group 1 - The Federal Reserve is anticipated to make a policy announcement next week [1] - The decision to halt balance sheet reduction is aimed at maintaining policy credibility [1] - High repurchase rates this week have influenced the timing of the Fed's announcement [1]

Core Viewpoint - Deutsche Bank expects the Federal Reserve to announce the halt of balance sheet reduction in the upcoming policy meeting rather than in December, aiming to maintain its policy credibility after unexpected high repo rates this week [1] Group 1 - Deutsche Bank strategists revealed the expectation of the Federal Reserve's announcement regarding the cessation of balance sheet reduction [1] - The decision is influenced by the need to avoid a "serious blow" to the Fed's policy credibility due to the recent spike in repo rates [1]

JPMorgan Chase & Co has poached three senior investment bankers from Deutsche Bank and Goldman Sachs to expand the M&A team that caters to the business services sector - and isn't done yet - in a push... ...

Core Viewpoint - The platinum market is experiencing significant price volatility, driven by potential changes in U.S. mineral policies and the risk of tariffs under Section 232, which could lead to soaring platinum prices [1][3]. Group 1: Price Movements - Platinum prices surged by 6.4% to $1,646.03 per ounce, marking the largest intraday increase since 2020 [1]. - In October, platinum spot prices reached a 12-year high, with a 60% increase since May, outperforming gold and silver [1]. - The price difference between platinum spot contracts and futures widened unusually, with a premium of $53.45 per ounce [1]. Group 2: Market Dynamics - There is a rush for physical platinum, similar to the recent silver market situation, indicating a tightening market [2]. - Dan Ghali from TD Securities noted that the platinum market is becoming "extremely tight," raising concerns about a potential "silver-like" squeeze [2]. - Despite a record export of approximately 140,000 ounces of platinum products from China last month, liquidity in the platinum system is under pressure [2]. Group 3: Policy and Supply Risks - Deutsche Bank highlighted that platinum and palladium are likely candidates for tariff actions due to concentrated supply chains and geopolitical risks [3]. - The overdue report from the U.S. Commerce Secretary will assess the national security implications of key mineral imports, including platinum and palladium [3]. - Potential trade restrictions could exacerbate existing supply tightness in the platinum market, with leasing rates above normal levels and rising operational costs for industrial users [3].

Core Insights - The current earnings season has shown stronger-than-expected results, with S&P 500 earnings growth around 12.5%, slightly above the anticipated 11-12% [2][3] - Despite a generally neutral positioning among equity investors, discretionary investors have moved to an underweight stance, indicating a disconnect between earnings growth and investor sentiment [3][4] Earnings Growth - Over the past two years, S&P 500 earnings have fluctuated around an 11% growth rate, which aligns with historical averages outside of recessions [2] - The current earnings growth is primarily driven by a few sectors, with 90% of the growth attributed to a limited number of companies, suggesting a need for broader earnings improvement across the index [6] Investor Positioning - Discretionary investors have shifted to an underweight position, which contrasts with the double-digit earnings growth being reported [4][9] - The overall market positioning has moved to neutral, but concerns about cyclical risks remain prevalent among investors [8][9] Sector Performance - The analysis indicates a bullish outlook for cyclical sectors, including financials and consumer cyclicals, as these areas are expected to benefit from improving earnings [8] - The current earnings reports are not significantly driven by macroeconomic improvements but rather by company-specific strategies such as market share gains and cost-cutting measures [6][7]

Core Viewpoint - The recent US inflation data is unlikely to have a lasting impact on the US dollar, according to Deutsche Bank analyst Antje Praefcke [1][2]. Summary by Relevant Sections - **Inflation Data Impact** The delayed release of US inflation data may reveal whether tariff policies have increased inflation levels, but it is "unlikely to change the decision-making tone" of the Federal Reserve's upcoming meeting, as most Fed members believe any impact from tariffs on inflation will be temporary [1][2]. - **Federal Reserve's Interest Rate Decision** Even if the inflation data exceeds expectations, the Federal Reserve may still implement a rate cut on October 29, as the current focus is on employment conditions, with recent deterioration in the labor market providing justification for a rate cut [1][2].

Wall Street expects a year-over-year decline in earnings on higher revenues when Deutsche Bank (DB) reports results for the quarter ended September 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on October 29, might help the stock move higher if these key numbers are better than expect ...

Europe’s top banking regulator should be given a mandate to ensure the continent’s banks aren’t just safe but can also stay competitive, according to Deutsche Bank Chief Executive Officer Christian Sewing https://t.co/XuIpIPD7N5 ...

Core Insights - Deutsche Bank has been recognized as Advisor of the Year at the American Gambling Awards for its role as the exclusive financial advisor to Intralot S.A. in the €2.7 billion acquisition of Bally's International Interactive business [1] Group 1 - The award highlights Deutsche Bank's contributions in strategic, financial, and legal advisory services [1] - This recognition builds on Deutsche Bank's previous accolades, including winning the Dealmaker of the Year category in 2022 and co-winning in 2024 [1]

据德银，黄金在全球央行"外汇+黄金"储备中的份额已从今年6月底的24%迅速上升至当前的30%。在同一时期，美元的份额则从43%下 降至40%。而若要使其份额追平美元，金价在现有持仓量不变的情况下需要升至每盎司5790美元。 报告进一步提出了一个价格推演：如果黄金要与美元在上述储备类别中平分秋色，其价格需要达到5790美元/盎司。在该情景下，假 设央行黄金持有量保持不变，黄金和美元将各自占据全球"外汇+黄金"储备的36%。 德意志银行的分析特别强调，其研究侧重于黄金在"外汇加黄金"储备中的占比，而非在央行总资产中的占比。报告认为，这是一个更 具相关性的分析维度，因为"外汇加黄金"储备是央行能够动用来捍卫本国货币的、以外币计价的资产。 全球央行对黄金的青睐并未因价格上涨而减弱，反而愈发强烈。德意志银行援引世界黄金协会在今年2月25日至5月20日进行的调查 称，计划增加自身黄金储备的央行比例已从去年的29%升至43%。 更为关键的是，市场管理者对整体趋势的判断也高度一致。调查发现，高达95%的受访储备管理者预计，全球央行的黄金总持有量将 在未来12个月内上升，这一比例远高于去年的81%。 来源：华尔街见闻 据追风交 ...