Bloomberg Surveillance Bloomberg Surveillance TV: December 8th, 2025
6 snips
Dec 8, 2025 
Christian Nolting, Deutsche Bank's Chief Investment Officer, shares insights on the 2026 market outlook, predicting tech's continued strength and three Fed interest rate cuts. His analysis points to persistent inflation and a stable Treasury yield. Meanwhile, Robert Fishman from MoffettNathanson dives into the Netflix-Warner Bros. Discovery deal, discussing the competitive landscape and regulatory challenges. He highlights the stakes for Paramount and Comcast, emphasizing the existential need for premium content in a shifting industry.
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Tech Still Leads Despite Slowing Earnings
- Tech remains central to market leadership but earnings growth may slow, bringing volatility.
- Christian Nolting sees AI as structural boom, not a bubble, supporting constructive 2026 outlook.
Position For A Few Fed Cuts
- Expect around three Fed cuts over a 12-month horizon and position portfolios accordingly.
- Christian Nolting recommends factoring persistent inflation into bond yield forecasts when planning allocations.
Fiscal Policy To Drive European Growth
- Fiscal policy, not central banks, will likely drive a cyclical impulse in Europe next year.
- Nolting expects Germany's growth to move from zero toward 1.3–1.5% driven by government spending.