Important security note: Warning of attempted fraud in the name of DWS
We have detected that fraudulent individuals are misusing the "DWS" trademark and the names of DWS employees on the internet and social media. These fraudsters are operating fake websites, Facebook pages, WhatsApp groups and Mobile Apps. Please be aware that DWS does not have any Facebook Ambassador profiles or WhatsApp chats. If you receive any unexpected calls, messages, or emails claiming to be from DWS, exercise caution and do not make any payments or disclose personal information. We encourage you to report any suspicious activity to info@dws.com, including any relevant documents and the original fraudulent email. Additionally, if you believe you have been a victim of fraud, please notify your local authorities and take steps to protect yourself.
05/03/2026
In light of the very dynamic market environment these forecasts are subject to change at any time.
GDP growth (in %, year-on-year) | 2026F | 2027F | |
|---|---|---|---|
| United States | 2.3 | 2.0 | |
| Eurozone | 1.3 | 1.3 | |
| United Kingdom | 1.2 | 1.5 | |
| Japan | 0.9 | 0.8 | |
| China | 4.6 | 4.4 | |
| World | 3.3 | 3.2 | |
Fiscal deficit (in % of GDP) | 2026F | 2027F | |
| United States | 6.6 | 6.6 | |
| Eurozone | 3.4 | 3.4 | |
| United Kingdom | 3.6 | 3.0 | |
| Japan | 2.0 | 2.5 | |
| China | 8.5 | 8.4 | |
Consumer price inflation (in %, year-on-year) | 2026F | 2027F | |
| United States[1] | 2.6 | 2.3 | |
| Eurozone | 2.1 | 2.1 | |
| United Kingdom | 2.2 | 2.0 | |
| Japan | 1.8 | 2.0 | |
| China | 0.8 | 0.8 | |
Unemployment Rate (annual average) | 2026F | 2027F | |
| United States | 4.6 | 4.4 | |
| Eurozone | 6.2 | 6.1 | |
| United Kingdom | 5.2 | 5.1 | |
| Japan | 2.5 | 2.3 | |
| China | 5.1 | 5.0 | |
Benchmark rates (in %) | Current[2] | Mar 27F | |
| United States | 3.50-3.75 | 3.00-3.25 | |
| Eurozone | 2.00 | 2.00 | |
| United Kingdom | 3.75 | 3.25 | |
| Japan | 0.75 | 1.25 | |
| China | 3.00 | 2.80 | |
Commodities (in dollars) | Current[2] | Mar 27F | |
| Crude oil (Brent) | 70.8 | 66 | |
| Gold | 5,185 | 5,400 |
Country | Current[2] | Mar 2027FForecast | Total Return (exp.)[3] | Expected earnings growth | P/E impact | Dividend yield | |
|---|---|---|---|---|---|---|---|
United States | 6,881 | | 7,500 | 10.5% | 11.9% | -2.9% | 1.5% |
Europe | 629 | 685 | 12.1% | 7.0% | 1.9% | 3.2% | |
Eurozone | 6,117 | | 6,650 | 11.8% | 7.5% | 1.2% | 3.1% |
Germany | 24,986 | 27,800 | 11.3% | 10.2% | -1.7% | 2.7% | |
United Kingdom | 10,681 | 11,450 | 10.5% | 6.3% | 0.9% | 3.3% | |
Switzerland | 13,997 | 14,950 | 9.7% | 7.0% | -0.2% | 2.9% | |
Japan | 2,332 | | 2,570 | 12.3% | 10.7% | -0.5% | 2.1% |
MSCI Emerging Markets Index (USD) | 1,594 | | 1,710 | 10.0% | 22.1% | -14.7% | 2.7% |
MSCI AC Asia ex Japan Index (USD) | 1,031 | 1,110 | 10.0% | 24.1% | -16.5% | 2.3% |
F refers to our forecasts as of 02/26/26
Country | Current[5] | March 2027F | |
|---|---|---|---|
United States | |||
| U.S. Treasuries(2-year) | 3.43% | 3.35% | |
| U.S. Treasuries(10-year) | 4.00% | 4.00% | |
| U.S. municipal bonds[6] | 62 bp | 70 bp | |
| U.S. insvestment- grade corporates[6] | 76 bp | 85 bp | |
| U.S. high-yield corporates[6] | 282 bp | 325 bp | |
| Securitized: mortgage-backed securities[6] | 109 bp | 100 bp | |
Europe |
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| German Bunds (2-year) | 2.04% | 2.00% | |
| German Bunds (10-year) | 2.69% | 2.70% | |
| UK Gilts (10-year) | 4.27% | 4.20% | |
| Euro investment-grade corporates[7] | 79 bp | 65 bp | |
| Euro high-yield corporates[7] | 269 bp | 280 bp | |
| Securitized: Covered Bonds[7] | 32 bp | 30 bp | |
| Italy (10-year)[7] | 61 bp | 60 bp | |
Asia- Pacific |
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| Japanese government bonds (10-year) | 2.16% | 2.40% | |
| Asia credit | 114 bp | 130 bp | |
Global |
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| Emerging-market sovereigns | 251 bp | 225 bp | |
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Global |
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| Schwellenländer-Staatsanleihen | 331 bp | 360 bp |
Currency | Current[5] | Mar 2027F | |
|---|---|---|---|
| EUR vs. USD | 1.18 | 1.22 | |
| USD vs. JPY | 156 | 145 | |
| EUR vs. GBP | 0.87 | 0.85 | |
| GBP vs. USD | 1.35 | 1.44 | |
| USD vs. CNY | 6.85 | 6.80 |
F refers to our forecasts as of 26/02/26
LME = London Metal Exchange
bp = basis points