Bloomberg Surveillance Bloomberg Surveillance TV: December 8th, 2025
6 snips
Dec 8, 2025 
Christian Nolting, Deutsche Bank's Chief Investment Officer, shares insights on the 2026 market outlook, predicting tech's continued strength and three Fed interest rate cuts. His analysis points to persistent inflation and a stable Treasury yield. Meanwhile, Robert Fishman from MoffettNathanson dives into the Netflix-Warner Bros. Discovery deal, discussing the competitive landscape and regulatory challenges. He highlights the stakes for Paramount and Comcast, emphasizing the existential need for premium content in a shifting industry.
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Fiscal Policy To Drive European Growth
- Fiscal policy, not central banks, will likely drive a cyclical impulse in Europe next year.
- Nolting expects Germany's growth to move from zero toward 1.3–1.5% driven by government spending.
Favor Investment-Grade Corporate Bonds
- Watch corporate bond demand and prefer investment-grade issues while spreads are tight.
- Nolting says bond auctions are healthy now, making corporate bonds an interesting allocation if recession risks stay low.
Set Realistic Equity Return Expectations
- High-single-digit equity returns are a more realistic 2026 target than double digits.
- Nolting predicts returns around eight to nine percent given fiscal tailwinds and ongoing volatility.