EFTA01474962.pdf

Please find attached the October issue of CIO View, Deutsche Asset & Wealth Management's flagship thought-leadership publication. In this edition, Chief Investment Officer Asoka W6hrmann tackles the question "Why are markets so unsettled?" and explores why we believe a global economic recovery remains intact despite a more muted outlook for some markets, particularly in developing countries. His nine positions are: Pace of global economic growth is likely to slow down for a while. Emerging markets' growth advantage has been eroded. Commodity-exporting countries hurt by low commodity prices. U.S. Federal Reserve Board postpones rate hike and the pace of subsequent increases will be slow. The Fed and low inflation may force the European Central Bank to continue easing beyond September 2016. Private equity and hedge funds should benefit from the capital market environment. Oil prices climb as slowly as output capacity contracts. Earnings forecasts revised down slightly for developed markets and significantly for emerging markets. Asset allocation of our balanced model portfolio for clients based in the Americas: Equities: 50%, Fixed income: 39%, Alternatives: 10%, Commodities: 1% If you wish to discuss where we see opportunity in current markets, we will be happy to schedule a call. Additional pieces include: CIO Macro Outlook — In a separate piece, Asoka W6hrmann delves deeper into the effect of developed market quantitative easing on emerging markets, and subsequently, global growth. Weekly Highlights — Our U.S. Wealth Management CIO, Larry Adam, focuses on 3Q performance, Japanese economic indicators, and Eurozone resilience to EM weakness. Economic & Asset Class Outlook — The U.S. CIO office outlines their near- term and long-term economic and asset class forecasts. U.S. Equity Insights — David Bianco, U.S. Equity Strategist, cuts his S&P 2015 end target and expects weak 30 EPS. CIO Flash: Bond Market Turmoil — Our CIO office warns of near term bond market illiquidity and volatility following the September FOMC meeting. China Hard Landing — Chief Economists Peter Hooper and Torsten Slok discuss the possibility of an economic slowdown in China given recent equity market volatility and currency devaluation. The Arithmetic of EM & Global Growth — Chief Strategist Binky Chadha looks at the sustainability of global growth given the recent weakness in Chinese and EM economies. FX Forecasts & Valuations — Alan Ruskin and George Saravelos, Chief FX Strategists, examine the continuation of USD strength and assess the risks of EM currency volatility. EFTA01474962 Paul Morris Managing Director Deutsche Bank Private Bank Office Cell: "Deutsche Bank" means Deutsche Bank AG and its affiliated companies. Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or its subsidiaries. Banking and lending services are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group. Brokerage services 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. 0 2015 Deutsche Bank AG. All rights reserved. SPG-57214 EFTA01474963