The Investment Institute by UniCredit.
We live in the age of complexity. Over the last three decades, the global economy has grown exponentially more intricate, shaped by the interplay of macroeconomic, financial, technological, and geopolitical forces. We are now at a pivotal juncture. Old rules, norms and patterns no longer fully apply. Globalisation is retrenching. Pax Americana is fading. Artificial intelligence will change our way of working, living and thinking. A new capitalist era, characterised by less market and more state, is in the making. As the global economy and financial markets adapt to these shifts and shocks, we find ourselves operating in a far less certain environment for investment, one that demands deeper insights, faster communication, and more interdisciplinary thinking.

“We are excited to announce the launch of The Investment Institute by UniCredit – designed to provide the expert analysis you need to navigate these turbulent times for your investment and asset allocation decisions. Our motto is Decoding complexity. Unlocking opportunity. Uncertainty, if properly interpreted, can yield rewarding opportunities.” - 28 Jan 2025
Manuela D’Onofrio, Head of Group Investment Strategy (GIS) and Chair of the Investment Institute by UniCredit.

“Our mission is simple. We aim to help you disentangle the complexity of the world while delivering to you our ideas and insights with a light touch. Besides traditional publications, we will offer podcasts, videos, and events with prominent global thought leaders, fostering an environment open to dynamic intellectual exchange. High-quality content will be accompanied by an engaging design for the best reading experience.” - 28 Jan 2025
Fabio Petti, Head of Cross Asset Investment Strategy, (GIS) and co-Chair of the Investment Institute by UniCredit.
The Compass 2025
Annual outlook focusing on the key macro and market stories of the upcoming year. It provides a European perspective on global issues, drawing implications for investment decisions. Our flagship annual publication, with contributions from our full cohort of analysts, bringing originality and diversity to the debate.
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Our views and insights
Daily Coffee Break |
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Our daily publication offering topical insights as an intellectual ingot to start the day. Designed to be succinct and thought-provoking, our aim is to offer new ways of thinking and original insights on the latest macro and strategy concerns. 26 Jun 2025: Improving prospects for European earnings growth >25 Jun 2025: NATO’s pledges: clear commitments, uncertain timeline > 24 Jun 2025: Putting Germany’s fiscal bazooka to work > 23 Jun 2025: Strait of Hormuz: time to think the unthinkable? > 20 Jun 2025: Foreign-investor appetite for BTPs remains strong > |
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The Bottom Line |
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Wrapping up the week with key insights delivered in a succinct and engaging summary. Highlighting things to watch as a teaser for the following week across data, markets, politics, and Central Bank meetings. 20 Jun 2025: The Bottom Line - NATO’s 5% defence-spending push >13 Jun 2025: The Bottom Line - Fed, BoJ and BoE on hold > 06 Jun 2025: The Bottom Line - From tariffs to Tusk: two risks in focus this week > 30 May 2025: The Bottom Line - ECB’s monetary easing continues > 23 May 2025: The Bottom Line - Eyes on inflation and the path of US monetary... > |
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Letter from the editor |
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Offering visibility and accountability for the Institute. Top level view promoting purpose and mission. Any topic covered, with the goal of promoting the activity of the team. Occasional publication with broad spectrum topics. 21 Jun 2025: Letter from the Editor - Trump and the battle for the Fed >08 Jun 2025: Letter from the Editor - A New Age Of Empires > 25 May 2025: Letter from the Editor - America´s New Gilded Age? > 09 May 2025: Letter from the Editor - Why Europe can still win the AI race > 24 Apr 2025: Letter from the Editor: The Dollar Vacuum > |
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Central Banks Watch |
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Providing analysts with a quality addition to their toolkit. Rigorous analysis and coverage pre- and post key Central Banks’ meetings, combining both macro considerations and market implications. 12 Jun 2025: Fed Preview - Fed can afford to wait given labour market... >05 Jun 2025: ECB Review - Rate cuts drawing to an end > 30 May 2025: ECB Preview - Rate cut unlikely to be a market mover > 08 May 2025: BoE Review - BoE keeps quarterly easing path, for now > 05 May 2025: Fed Preview - Fed to remain on hold amid fog of uncertainty > |
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The Compass Checkpoint |
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Our regular viewpoint on shifts and shocks in markets. Bring together insights from the CIOs in our core markets, to act as a staple publication to stay at the forefront of the latest activity in the markets and their implications. 22 May 2025: The negotiations limbo >10 Apr 2025: The Trump Tariffs Rollercoaster > 27 Feb 2025: Adapting to Trump 2.0 > |
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The Short View |
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Publishing every few weeks, putting the spotlight on key Macro and Market stories. Combining rigorous analysis with original views, written to be engaging and accessible, designed to promote discussion and debate. 23 Jun 2025: Five takeaways from Trump’s One Big Beautiful Bill Act >16 Jun 2025: EU bonds: what to expect for 2H25 > 13 Jun 2025: Iran-Israel war: four questions, two scenarios > 04 Jun 2025: 10/30Y EUR spread: the case for more steepening > 26 May 2025: Three reasons worth investing in CEE > |
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The Long View |
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Publishing every month or so, putting the spotlight on Mega Trends. Original and thought-provoking analysis highlighting the broadening scale, scope and impact of increasing global complexity. 04 Jun 2025: Launching our longevity series >13 May 2025: Bridging the gaps to defend Europe’s future > 08 May 2025: Reviving Europe’s investments in green tech > 24 Apr 2025: Ukraine’s hidden mineral wealth and the deal with the US > |
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Quarterly Updates |
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Every three months, publishing a slide deck of forecasts for our core economies and asset classes. Providing in-depth review and analysis to become an essential part of our client’s investment toolkit. 20 Jun 2025: Navigating the tariff tide >19 Mar 2025: Living in a Trumpian world > |
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Voices From the Future |
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Publishing around three editions a year, a magazine-style publication with each issue devoted to a specific mega trend including interviews with experts and analysis from the Investment Institute team. |