Europe & Japan Are Back: Aram Babikian on HDEF, DBEF & the 2026 International Bull Case

International markets are leading and according to DWS’s Aram Babikian, we’re still in the early innings. In part 1 of this Lead-Lag Deep Dive Series, Melanie Schaeffer sits down with Aram to explore why Europe and Japan are gaining momentum, what’s structurally different this time, and how two key XTrackers ETFs, HDEF and DBEF, are positioned for 2025–2026.

They break down:

- Why Europe, especially Germany, is entering a new era of investment

- Japan’s wage growth, inflation stabilization & corporate reforms

- How DBEF helps reduce currency-driven volatility

- Why advisors are using a 50/50 split between HDEF & DBEF

- The global policy shifts creating long-term opportunity

- What investors should expect in 2025, 2026 and beyond

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