Executive Circle

Executive Circle

On Thursday, the GABA Northern California – German American Business Association Executive Circle gathered at the BMW Group Technology Office in Mountain View for an insightful and engaging breakfast discussion among senior leaders and decision-makers.

A sincere thank you to BMW, Stefan Gerhaeusser, and his team for hosting us and for providing such a welcoming setting for thoughtful exchange.
We were honored to hear from Deepak Puri, CFA Puri, CIO Deutsche Bank Wealth Management Americas, who shared a compelling outlook on what lies ahead for the global economy in 2026. His presentation sparked a rich discussion and offered valuable perspective on the forces shaping markets, policy, and investment decisions.

Executive Circle

Key findings included:

  • Shifting Global Growth Landscape
    Global Growth holds firm; the U.S. leads, Europea lags but Germany recovers, and China stays subdued.
  • Persistent Macro & Geopolitical Risks
    Geopolitics, Inflation, Debt, and tariff pressures remain embedded in the 2026 backdrop
  • Rise of State Intervention
    Industrial policy intensifies across major economies, bringing both support and policy-error risk.
  • Stable but Evolving FX & Rates Picture
    USD stays steady, JPY may firm slightly, and normalized curves support positive real yields.
  • Earnings Risk & Volatility
    High Expectations mean any earnings miss could trigger sharp market swings
  • AI as a Structural Driver
    AI continues to power longterm growth across sectors and less likely a speculative bubble
  • Broadening Investment Opportunity Set
    Earnings strength widens beyond tech; selective emerging markets, real assets, and private market opportunities add diversification opportunities.

Executive Circle
For more great pictures of the event, please see our event photo album here.

Thank you to all Executive Circle members for the candid dialogue and thoughtful questions. These intimate, off-the-record conversations are what make the GABA Executive Circle so special.

A special thank you as well to the team at Deutsche Bank Wealth Management: Vanshree Verma, Jan Price, Payal Gupta, and Elom Kpordze for their support and contributions.

We look forward to continuing the conversation.

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