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.

Manuela D’Onofrio, Head of Group Investment Strategy (GIS) and Chair of the Investment Institute by UniCredit.

“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.





Fabio Petti, Head of Cross Asset Investment Strategy, (GIS) and co-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.





Edoardo Campanella, Director and Chief Editor of the Investment Institute by UniCredit.

“We will focus on the main macroeconomic, geopolitical and market stories of the day, while offering our perspective on the megatrends that will reshape the global economy in the distant future, from new tech frontiers to demographic shifts and climate change. We will zoom in and out, back and forth, to connect the dots and see more clearly where the world is heading.” - 28 Jan 2025


Edoardo Campanella, Director and Chief Editor of the Investment Institute by UniCredit.

The Compass 2025

A compass laying next to a globe

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.


Download the PDF >
Read the digital summary >

Our views and insights

Daily Coffee Break

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.

13 Oct 2025: Divergence in participation rates – implications... >
10 Oct 2025: The decline in corporate refinancing costs has come to... >
09 Oct 2025: Russia’s hybrid warfare shakes Europe >
08 Oct 2025: AT1 bond spreads at record lows, but yields remain appealing >
07 Oct 2025: Why the yen will likely survive the “Takaichi effect” >

The Bottom Line

Letter from the editor

Central Banks Watch

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.

18 Sep 2025: BoE Preview - More cautious, but we still see faster cuts... >
16 Sep 2025: Fed Preview - An insurance cut >
11 Sep 2025: ECB Review - Less concerned about growth >
08 Sep 2025: ECB Preview - In a good place >
07 Aug 2025: BoE Review - A hawkish cut, but we still see more cuts... >

The Compass Checkpoint

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.

18 Sep 2025: The Fed under attack >
16 Jul 2025: Empty threats >
22 May 2025: The negotiations limbo >
10 Apr 2025: The Trump Tariffs Rollercoaster >
27 Feb 2025: Adapting to Trump 2.0 >

The Short View

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.

07 Oct 2025: OATs: foreign investors risk intensifying the effects of political crisis >
30 Sep 2025: OPEC+ recalibrates in a market dominated by US oil >
25 Sep 2025: Natural gas: winter supply outlook improves in Europe >
24 Sep 2025: Is the PBoC playing with fire with a strong CNY? >
23 Sep 2025: Gold: the shine continues >

The Long View

Quarterly Updates

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.

02 Oct 2025: Still uncertain times >
20 Jun 2025: Navigating the tariff tide >
19 Mar 2025: Living in a Trumpian world >

Voices From the Future

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.