Core Viewpoint - Deutsche Bank believes that the European Central Bank (ECB) has ended its easing cycle and will next move towards raising interest rates, expected to occur by the end of 2026 [1] Summary by Relevant Sections - **Current Monetary Policy Stance** - Deutsche Bank previously anticipated that the ECB would lower interest rates again in September, with a terminal rate forecast of 1.50% compared to the current rate of 2% [1] - The risk of the ECB's easing cycle stopping at 1.75% or even 2.00% was acknowledged by Deutsche Bank [1] - **Future Outlook** - The next action from the ECB is expected to be an interest rate hike, projected to take place by the end of 2026 [1]

Group 1 - The European Central Bank (ECB) has lowered interest rates as expected but indicated that its year-long easing cycle will pause [1] - The euro reached a six-week high against the US dollar, while the US dollar index fell nearly 0.1% [1] Group 2 - The Hong Kong Hang Seng Index shows a bullish sentiment of 55% compared to 45% bearish [3] - The S&P 500 Index has a bullish sentiment of 19% and bearish sentiment of 81% [3] - The Nasdaq Index has a significant bullish sentiment of 82% against 18% bearish [3] - The Dow Jones Index shows a bullish sentiment of 35% compared to 65% bearish [3] - The Nikkei 225 Index has a bullish sentiment of 40% and bearish sentiment of 60% [3] - The German DAX 40 Index shows a bullish sentiment of 23% against 77% bearish [3] Group 3 - In the forex market, the euro to US dollar pair has a bullish sentiment of 73% and bearish sentiment of 27% [3] - The euro to British pound pair shows a bullish sentiment of 78% compared to 22% bearish [3] - The euro to Japanese yen pair has a bearish sentiment of 84% against 16% bullish [3] - The euro to Australian dollar pair shows a bearish sentiment of 71% compared to 29% bullish [3] - The British pound to US dollar pair has a bearish sentiment of 79% against 21% bullish [3] - The British pound to Japanese yen pair shows a bearish sentiment of 67% compared to 33% bullish [3] - The US dollar to Japanese yen pair has a bullish sentiment of 55% and bearish sentiment of 45% [3] - The US dollar to Canadian dollar pair shows a bullish sentiment of 75% compared to 25% bearish [3] - The US dollar to Swiss franc pair has a bearish sentiment of 93% against 7% bullish [3] Group 4 - The Australian dollar to US dollar pair shows a near-even sentiment with 49% bullish and 51% bearish [4] - The Australian dollar to Japanese yen pair has a bullish sentiment of 63% compared to 37% bearish [4] - The Canadian dollar to Japanese yen pair shows a bearish sentiment of 72% against 28% bullish [4] - The New Zealand dollar to US dollar pair has a bearish sentiment of 58% compared to 42% bullish [4] - The New Zealand dollar to Japanese yen pair shows a bullish sentiment of 68% against 32% bearish [4] - The US dollar to offshore Chinese yuan pair has a strong bullish sentiment of 83% compared to 17% bearish [4]