Equities: Mixed performance across regions – Deutsche Bank

Deutsche Bank strategists have provided a mixed outlook on global equities, highlighting gains across several regional indices while noting underwhelming domestic growth in China. The Nikkei, CSI 300, Shanghai Composite, and Hang Seng all advanced, while US equity futures, particularly NASDAQ, also pointed higher. China's main indices were relatively flat year-to-date, contrasting with strong performance in the S&P 500, Stoxx 600, and Nikkei.

European equities were more subdued, with STOXX 600, CAC, and FTSE 100 experiencing declines, although the DAX reached a new record. In Asia, the KOSPI and Nikkei saw strong gains, hitting their best weeks since May and June, respectively.

Despite a slight pullback from a record high on Friday, US equities, including the S&P 500 and Russell 2000, showed positive performance. China's underwhelming domestic growth, with its main indices essentially flat year-to-date, has contributed to the weaker performance compared to the S&P 500's +13.7%, Stoxx 600's +11.1%, and Nikkei's +36.5%.

Following Japan's GDP data, the Nikkei edged higher but trailed behind the gains in China's markets, including the CSI 300 and Shanghai Composite, as well as the Hang Seng in Hong Kong. Equity futures, led by NASDAQ, were also advancing. As the earnings season winds down, US retailers such as Home Depot, Target, TJX, and Walmart, along with Analog Devices and Deere in the US and Alibaba and Baidu in China, will be closely watched for insights into the US consumer's health.