德意志银行：2026年第一季度新兴主题对未来的启示报告（英文版）

We asked our AI model, dbLumina, to analyse the impact of the themes for the quarter. The ‘positive’ and ‘negative’

indicators are relative to expectations for the year at the beginning of the quarter. For example, a net negative score for

the S&P 500 does not mean we expect the index to fall. Rather it means we see the rising probability that the result will be

lower than previously expected.