CIO Insights Christian Notting Global CIO Inside the Bulletin From the Regions 2 Asset Classes 5 Forecasts 9 Facts & Figures 10 Glossary 15 Deutsche Bank Wealth Management 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. 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. CIO Office, Deutsche Bank Wealth Management, Deutsche Bank AG - Email: p.1 Weekly Bu letin 19 August 2016 The search for growth Everything, you might say, is relative. But central banks still worry about GDP growth all around the world, whether their starting point is over 6% (as in China) or closer to 1%. Policy responses will remain key. 01 02 03 A U.S. rate hike looks possible in December, with economic data likely to be supportive. Eurozone "hard" data proves more mixed than -soft" data, signaling periphery weakness. Asian growth is under the spotlight with questions over China and external demand. I U.S. Fed speakers have provided divergent views on interest rates in recent weeks with some sounding markedly more dovish than others. Against this background, the markets have continued to grind higher, suggesting a degree of investor complacency. Now attention shifts to Janet Yellen, who may use her speech at next week's Jackson Hole symposium to establish a framework for preparing the markets about the timing and magnitude of future Fed rate hikes. We continue to think that a rate hike is still likely in December, largely because we believe that a range of economic data could continue to indicate that H1 U.S. economic growth weakness is increasingly behind us. Germany has posted some stronger recent economic data, for exampl