Bloomberg Surveillance Bloomberg Surveillance TV: September 15th, 2025
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Sep 15, 2025 Christian Nolting, Global Chief Investment Officer at Deutsche Bank Private Bank, shares his insights on the equity outlook amidst shifting economic currents. The conversation delves into the anticipated Federal Reserve rate cuts and the implications for U.S. and global markets. Experts like Bill Dudley and Greg Peters weigh in on bond market trends and investment strategies. Economic challenges, including labor market shifts and inflation, are examined, leaving listeners with a deeper understanding of the potential market landscape.
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Fed Cut Path Is Moderate Not Radical
- Christian Nolting expects a September cut and forecasts five cuts over the next 12 months, fewer than market pricing.
- He cautions inflation pressure remains and prefers a 25bp move to avoid surprising markets.
Increase Europe Exposure — Start With Germany
- Deutsche Bank suggests clients increase exposure to Europe because fiscal spending could be a trigger for inflows.
- Start with Germany as the primary candidate for fiscal-triggered investment flows.
European Banks Benefit From Yield Curve
- Christian highlights European financials as beneficiaries of a steeper local yield curve and many banks trading below book.
- He still views financials as attractive given the European interest rate environment.