Monthly Market Analysis And Positioning

Prepared by DWS Investment GmbH’s CIO team, the August 2025 Investment Traffic Lights assesses global macro, fixed income, equity, and alternatives positioning in a volatile geopolitical and policy landscape.

• Policy & Macro: The “Big Beautiful Bill” settles U.S. tax uncertainty but raises fiscal concerns; trade deals with the EU and Japan show surface progress.

• Asset Allocation: Upgraded outlook for U.S. and German bonds; cautious on equities with correction risk outweighing rally potential.

• Alternatives: Infrastructure and logistics remain resilient; gold neutral, oil shifted from bearish to neutral.

Explore the full report for detailed tactical and strategic positioning across asset classes and geographies.