DWS believes markets remain balanced after the recent rally, maintaining a neutral overall risk stance while favouring longer-duration bonds, banks, emerging markets and selective AI beneficiaries.
- DWS keeps an overall neutral equity allocation, arguing that AI continues to support earnings but that narrow market leadership and elevated positioning limit near-term upside.
- The firm remains overweight duration, expecting markets to be overpricing future rate hikes while underestimating slowing economic growth, particularly in the U.S.
- Within equities, DWS prefers emerging markets, Japan and utilities, while highlighting global banks as an attractive opportunity thanks to improving earnings, rising dividends and relatively attractive valuations.
Read the full CIO View for DWS's latest multi-asset positioning and tactical allocation views.
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