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 2026

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 >
Download the presentation >

Our views and insights

Daily Coffee Break

This daily publication offers topical insights as an intellectual ingot to start the day. Coffee Break is designed to be succinct and thought-provoking, and our aim is to offer new ways of thinking and original insights on the latest macro and strategy issues.

15 Jan 2026: Why Venezuela’s crude oil barrels barely register in oil markets >
14 Jan 2026: Credit risk or duration risk, that is the question >
13 Jan 2026: France’s 2026 budget: a challenging final stretch >
12 Jan 2026: Greenland at a crossroads >
09 Jan 2026: What if the US Supreme Court strikes down Trump tariffs? >

The Bottom Line

This weekly publication wraps up the week with key insights delivered in a brief and engaging summary. It highlights things to watch for in the following week, covering data, markets, politics and central-bank meetings.

09 Jan 2026: The Bottom Line - The Greenland question >
19 Dec 2025: The Bottom Line - New year kicks off with US jobs and... >
12 Dec 2025: The Bottom Line - US employment report takes centre stage >
05 Dec 2025: The Bottom Line - All eyes on the Fed >
28 Nov 2025: The Bottom Line - Inflation in focus >

Letter from the editor

Central Banks Watch

This publication is issued before and after key central-bank meetings. It provides rigorous analysis and coverage of the meetings and combines both macro considerations and market implications.

18 Dec 2025: ECB Review - Hawkish flavour >
15 Dec 2025: ECB Preview - Firmly on hold >
11 Dec 2025: FED Review - A 25bp cut and in no rush to cut again >
04 Dec 2025: Fed Preview - Deeply divided >
06 Nov 2025: BoE Review - Teeing up a December cut >

The Compass Checkpoint

This regular publication presents a viewpoint on shifts and shocks in markets and their implications. It brings together insights from the chief investment officers in our core markets and is intended to be a regular source of information for our readers who want to stay at the forefront of activity in markets.

01 Dec 2025: 2026 outlook: What world? The Trump aftershock >
31 Oct 2025: AI boom >
18 Sep 2025: The Fed under attack >
16 Jul 2025: Empty threats >
22 May 2025: The negotiations limbo >

The Short View

Published every few weeks, The Short View shines a spotlight on key macro and market stories. Combining detailed analysis with original views, it is written to be engaging and accessible and is designed to promote discussion and debate.

08 Jan 2026: Risky assets start the year on a strong footing, despite... >
11 Dec 2025: ESG finance: are SLBs facing a final reckoning? >
04 Dec 2025: EM equities: momentum meets valuation appeal >
25 Nov 2025: Japan: more market volatility ahead >
17 Nov 2025: From mines to macro: the demand forces shaping... >

The Long View

Quarterly Updates

Every three months, we publish a slide deck of forecasts pertaining to our core economies and asset classes. This publication provides in-depth review and analysis with the intention of being an essential part of our clients’ 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

Published around three times a year, each issue of this magazine-style publication is devoted to a specific mega trend and includes interviews with experts and analysis from the Investment Institute team.