Deutsche Bank’s monthly chartbook argues the global bond sell-off is a continuation of normalization rather than a red flag, while previewing Fed and ECB rate debates, midterm election odds, and an AI capex boom now dwarfing the rest of the S&P 500.
The Home Straight….
Deutsche Bank
Jim Reid
Research
78 Pages
Key Takeaways
Yields aren't extreme: 10yr Treasury yields sit only slightly above their 4.5% average since 1800, despite recent multi-decade highs.
Earnings are red-hot: Global corporate earnings grew at their strongest non-pandemic pace on record in Q2, with 89% of US firms beating estimates.
AI capex dwarfs the market: The top five hyperscalers increased capex by $403bn versus just $184bn for the other 495 S&P 500 firms combined.
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