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1、Deutsche BankChief Investment OfficePERSPECTIVES 2025ANNUAL OUTLOOKInsights into your future investment choicesPOLITICS&POLICY The future is fiscalBONDS The return of the premiumSTOCKS The key to success2PERSPECTIVES 2025In Europe,Middle East and Africa as well as in Asia Pacific this material i

2、s 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

3、.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 nomin

4、al 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.This document was produced in December 2024.ContentsLetter to Investo

5、rs p.31 Macro&strategy Staying the course in turbulent times p.52 Politics&policy The future is fiscal p.83 Bonds The return of the premium p.104 Dollar Strong economy,strong currency p.125 Stocks The key to success p.146 U.S.stocks Centre of gravity p.167 European stocks Positives still app

6、arent p.188 Commodities Off to new shores p.209 Alternatives Public&private mixology p.2210 Risk Recessions,rates&rotations p.24Macroeconomic and asset class forecasts p.26Glossary p.29Important note p.313PERSPECTIVES 2025In Europe,Middle East and Africa as well as in Asia Pacific this mater