By Harry Wu, SFC, 21st Century Business Herald
Global capital is shifting, with Chinese and European assets gaining greater favor. Is this a short-term fluctuation in market sentiment, or does it signal a fundamental shift in the decades-old paradigm?
Johannes Mueller, Global Head of Research at DWS Group, told 21st Century Business Herald at the 2025 Bund Summit that hedoesn't think it's about getting out of the US immediately and entirely. “In many areas, the US corporate sector is the benchmark when it comes to profitability, innovations, the tech sector and so on.”
On the other hand, Mueller cautioned that the US stock market accounts for 70% of the MSCI World Index, a somewhat excessive weighting. The bond market and the allocation of currency reserves are similar.
Looking ahead, he believes the trend of further diversifying investments and reducing dependence on the US market has only just begun and will be a gradual process over the next couple of years. Capital will reduce its reliance on the US market and further expand into markets such as China and Europe, Mueller said.
Regarding the surge in Chinese assets this year, Mueller analyzed that lower trading prices, lower interest rates making stock investments more attractive, and the "DeepSeek moment" highlighting China's vibrant and innovative technology sector have all contributed to the revaluation of Chinese assets. He remains optimistic that the Chinese market will continue to perform well if Chinese companies' profitability improves in the future.
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