Deutsche Bank Research

💧Der Rhein als Rinnsal – wenn Niedrigwasser zum Wirtschaftsrisiko wird🎧 Der Rhein ist Europas wichtigste Wasserstraße. Doch aktuell gleicht er vielerorts eher einem Rinnsal als einem Strom. Das ist längst mehr als ein Problem für die Schifffahrt: Niedrige Pegel verteuern Transporte, setzen Lieferketten unter Druck und können zum Risiko für Industrie und Konjunktur werden. Marc Schattenberg, Volkswirt bei Deutsche Bank Research, ordnet in der neuen Folge von Podzept ein, warum gerade der Pegel bei Kaub so wichtig ist, welche Branchen besonders betroffen sind – und warum vorschnelle Preisschilder für die wirtschaftlichen Folgen der Dürre unseriös wären. Seine Warnung: Wenn die Wasserstände weiter fallen, könnte die Berufsschifffahrt am Ende so teuer werden, dass sie wirtschaftlich kaum noch Sinn macht – mit möglichen Unterbrechungen entlang der Lieferketten. Auch einfache Lösungen wie ein tieferes Ausbaggern des Rheins sieht Schattenberg skeptisch: Das könnte neue Umweltprobleme schaffen und die Lage nicht kurzfristig entschärfen. Die neue Folge von Podzept: „Der Rhein als Rinnsal: Wie niedrige Pegel die Wirtschaft ausbremsen können“ ▶️Jetzt neu bei Spotify: https://lnkd.in/dQKhSftY ▶️Apple Podcasts: https://lnkd.in/esq8bYBM ▶️YouTube: https://lnkd.in/dCw-2_tc Deutsche Bank

From research and market trends to podcasts and strategic developments. 💡 Introducing 'Top of Deutsche Bank' – our flagship LinkedIn newsletter, covering the stories, ideas and developments that are shaping Deutsche Bank and the broader financial industry. With perspectives from across the bank, 'Top of Deutsche Bank' looks back at the key stories of the past month. And Deutsche Bank Research has pride of place in the latest edition, with our World’s Best for Research award at the Euromoney Awards 2026 and the annual Mapping the World’s Prices 2026 study. So, if you'd like a recap of last month's top research stories, and plenty more from across Deutsche Bank, then join more than 1.2 million subscribers and sign up for the monthly newsletter today. Link in the comments👇

🌍 In a $10 trillion-a-day FX market, how are restricted currencies becoming more accessible to global investors? In our latest dbInSights video, Rohini Grover, Ph.D. explores the evolving world of FX trading in restricted markets and what recent reforms mean for investors seeking access to emerging market currencies. Key insights include: ✅ How investors gain exposure to restricted currencies through both onshore and offshore markets ✅ Why reforms in markets such as South Korea and Thailand are helping improve access and unlock new opportunities ✅ How regulation, technology and market innovation are changing the future of FX trading The video accompanies Rohini's report, ‘The Brilliant World of FX: A Deep Dive into Restricted Markets’, available now on the Deutsche Bank Research Institute. 🔗 Watch the video below and read the report via the link in the comments.

"Globalisation was supposed to make prices converge. Instead, the gap between cities is widening in some surprising ways." – Jim Reid, Head of the Deutsche Bank Research Institute and Global Head of Macro & Thematic Research Join Jim Reid and Adrian Cox as they explore the trends reshaping cities, markets and investment opportunities around the world, including: 📍 Which are the world's cheapest and most expensive cities? 💴 Why does Japan now look so inexpensive by developed-market standards? 🏙️ Which cities offer the best balance of disposable income and quality of life? 📈 What do today's price rankings tell us about the investment opportunities of tomorrow? ▶ Watch the clip below – and for the full vodcast and Jim’s report, visit the Deutsche Bank Research Institute website – links in the comments.

“If people understand a central bank’s objectives – and trust how it will respond to economic shocks – that credibility helps it to deliver on them.” – Bill English, Professor at Yale University and former Director of the Federal Reserve’s Division of Monetary Affairs and Secretary to the Federal Open Market Committee (FOMC) In the latest Macro MATTers podcast episode, hosts Matthew Luzzetti and Matthew Raskin sit down with William English to discuss the future of Fed communications. The conversation explores: 🎙️ Why transparency and credibility matter for effective monetary policy. 🎙️ Whether the Fed’s signalling tools – from the SEP to the dot plot – are due for a rethink. 🎙️ What the Fed’s new review of its approach to transparency and guidance could mean for policymakers, markets and investors. With a major review of Fed communications now underway, this episode offers valuable insight into how central banks think about guiding markets, managing expectations and maintaining credibility. 🎧 Listen now on the Deutsche Bank Research Institute website – link in the comments below. 👇

Three Euromoney Awards. One differentiated global Research franchise. 🏆 The World's Best for Research 2026 🏆 Europe's Best for Research 2026 🏆 Germany's Best for Research 2026 Today, we're incredibly proud that Deutsche Bank Research has been recognised with this trio of prestigious Euromoney Awards for Excellence. These awards reflect the depth of collaboration and strength of collective expertise across our global Research platform. In a world defined by increasingly interconnected forces, our economists and strategists connect the dots across markets, geopolitics, technology and policy to deliver insights that help clients stay ahead of change. While we're taking a moment to celebrate, we're even more excited about what comes next - building on this momentum to expand our impact and deliver even more of the insights our audiences value. Read about our additional award wins across the Investment Bank (11 awards in total!) via the link in the comments 👇 Tim Rokossa Robin Winkler Jim Reid Nilendra de Mel Steven Pollard George Saravelos Francis Yared Sameer Goel Pamela Finelli Feddeler

📈 The RMB’s journey to becoming a global currency is picking up momentum. In our latest Deutsche Bank Research report by Perry Kojodjojo and Chen Kan, ‘The Rise of the RMB Financing Ecosystem’ we unpack the critical shift for the RMB from a trade-settlement currency to a dominant force in investment flows. Key takeaways include: 🐼 The Panda bond market is emerging as a channel for foreign entities to raise globally usable RMB, with over half of the proceeds now getting used offshore. 🥟 The Dim Sum bond market is rapidly developing into an asset hub for global investors, fuelled by diversification into tech and demand from Mainland China. The report draws a potential roadmap for this ecosystem, what this means for CNH rates and FX markets, and the opportunities for broader European corporate participation.

🎙️🎧Neu bei Podzept: Der zweite Chinaschock – und Europas mögliche Antwort🇨🇳🇪🇺 Es ist ... kompliziert! In unserer aktuellen Podzept-Folge entwirrt Deutsche-Bank-Research-Volkswirtin Marion Mühlberger Europas Handelsbeziehung mit China. China ist Deutschlands wichtigster Handelspartner – aber die Beziehung bekommt immer mehr Schlagseite: Die Importe aus China steigen, deutsche Exporte schwächeln, und zugleich macht China Europas Industrie auf wichtigen Weltmärkten zunehmend Konkurrenz. Marion Mühlberger spricht bei Podzept darüber, warum nun vom „zweiten Chinaschock“ die Rede ist, wie Europa reagieren könnte – und warum die Antworten darauf alles andere als einfach sind. Jetzt hören und abonnieren bei ▶️Spotify https://lnkd.in/djUNy5sk ▶️Apple https://lnkd.in/diceANFx Podzept zum Zuschauen: 📺YouTube https://lnkd.in/dnByTdeU

Today's US CPI report showed inflation easing more than expected, providing some relief after several months of upward pressure. Deutsche Bank's Senior US Economist Brett Ryan breaks down the data.

China's new policy package is likely to be a game-changer for the CNH market and a major strategic move to cement Hong Kong as the top offshore RMB hub. This isn't a minor tweak; it's the most significant push to date, confirming the offshore market is crucial for the RMB's long-term internationalization. In his latest RMB Internationalization Blog: A Pivotal Announcement for the CNH Market, Yi Xiong, Deutsche Bank’s Chief Economist for Greater China notes that the CNH market is now poised to overcome its size and liquidity constraints, creating a self-reinforcing growth cycle. It's the vital bridge connecting China's vast onshore financial market with the RMB's growing international use. The research report highlights three game-changing measures from the announcement: 1️⃣ More Liquidity 💧: The HKMA's RMB facility gets a massive boost to RMB 500bn, providing stable, long-term funding. 2️⃣ Wider Investment 🔗: The Southbound Bond Connect quota is increased to RMB 800bn, supercharging the Dim Sum bond market. 3️⃣ Better Capital Use 💡: Cross-border bonds can now be used as collateral, helping investors use assets more efficiently. This is a pivotal moment, providing a strong vote of confidence in Hong Kong's financial future and transforming the CNH landscape. #RMB #CNH #HongKong #Finance #FinancialMarkets #RMBInternationalization #BondConnect #Economics #PBOC #HKMA