Since the financial crisis, the unwritten rule has been that bad economic news was good news for investors, as central-bank taps likely would be opened. And if a central bank talked more dovishly than expected in a meeting, the markets were quick to react and party.

Mark Cullen will become Chief Operating Officer and Dirk Goergen will become Head of EMEA Coverage. Both will become members of the DWS Executive Board. Jon Eilbeck and Thorsten Michalik will leave the company. All changes have received regulatory sign-off and will take place at the end of this month.

Dropping twice by some 10%, as the index has this year, might seem more exceptional. But it is not that uncommon, too, when looking back in history: at least two declines by 10% or more within one year have occurred seven times since 1990.

China's stock market is one of the surprises of 2017. In early March developed market equities reached their highest point in euro terms but slipped thereafter, while stocks from emerging countries, especially from China, have continued to grow at a pace.

A ground-breaking approach to climate risk management has been developed by Deutsche Asset Management in partnership with California-based climate intelligence advisory firm Four Twenty Seven.