【德意志银行-2025研报】Thematic Research Macro, Markets and Tech A Guide for CFOs...-116113030.pdfVIP

DeutscheBank

Macro,MarketsandTech

AguideforCFOsandCorporates

June2025

MarionLaboure

CamillaSiazon

AdrianCox

LukeTempleman

JimReid

IMPORTANTRESEARCHDISCLOSURESANDANALYSTCERTIFICATIONSLOCATEDINAPPENDIX1.UNTIL19thMARCH2021INCOMPLETEDISCLOSURE

INFORMATIONMAYHAVEBEENDISPLAYED,PLEASESEEAPPENDIX1FORFURTHERDETAILS.

Sensitivity:

Tableofcontents:Macro,MarketsTech

AguideforCFOsCorporates

1.Forecasts

2.Macroeconomics

❑Keyrisksfortheeconomy

❑Economicgrowth

❑Centralbankinterestrates

❑CBDCsandstablecoinoutlook

3.Markets

❑ForeignExchange

❑Funding

❑Commodities

TheviewsinthispublicationareinformedbyDeutscheBank’sGlobal

4.GeopoliticsStrategyGroup,whichadvisesmanagementandclientsonbroad

❑TradeWarmarketrisksandglobaleconomicandfinancialdevelopments.The

❑Spotlightoncriticalmineralsandviewsandforecastsofthegroup,whichconsistsofseniorresearchstaff,

semiconductorsmayoccasionallydifferfromthosedisseminatedbytheirresearch

colleagues

❑Defencespending

❑Effectoncapitalandinvestment

5.Artificialintelligence

❑Chinavs.USinnovation

❑AIstillinacapexboom

DeutscheBankResearchMarionLaboure/CamillaSiazon/LukeTempleman/AdrianCox/JimReid2

01.

Forecasts

DB2025forecasts: