Just ahead of Thanksgiving and with the opening of the Christmas markets in some European countries, we're taking a closer look at consumption. "So far, US consumption has been really robust," says Dirk Steffen, our Chief Investment Officer EMEA and Global Chief Investment Strategist, "which is probably also due to the fact that the US labour market is still holding up." Dirk expects relatively strong consumer activity ending the year. Aside from Black Friday, Cyber Monday and holiday shopping, activity will be further accelerated by an uptick in travel, including in other countries around the globe. He comments on the third-quarter earnings season, saying that not only have the mega-caps and growth stocks in the US delivered good results so far but that Europe has also done relatively well in terms of earnings growth. He also discusses the activities of central banks and what possible interest rate cuts could mean for the bond markets and foreign exchange. For more investing insights, please visit deutschewealth.com In Europe, Middle East and Africa as well as in Asia Pacific this material is 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. 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 nominal 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. The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany’s Federal Financial Supervisory Authority (BaFin) and by Germany’s central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States. Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group. The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2024 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121