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.

02 Sep 2025: Time for better quality after high-yield rally >
01 Sep 2025: Politics keeps French govies under pressure >
29 Aug 2025: Germany’s fiscal bazooka: turbo-charging the economy >
28 Aug 2025: France: Bayrou unlikely to survive confidence vote >
27 Aug 2025: The Fed “takeover” >

The Bottom Line

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.

29 Aug 2025: The Bottom Line - Beleaguered Fed awaits jobs report >
01 Aug 2025: The Bottom Line - What to look at in August >
25 Jul 2025: The Bottom Line - Close to a deal, maybe >
18 Jul 2025: The Bottom Line - ECB to pause >
11 Jul 2025: The Bottom Line - Higher US inflation in June, and more to come >

Letter from the editor

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.

24 Aug 2025: Letter from the Editor - The leisure society >
02 Aug 2025: Letter from the Editor - The new trade (dis)order >
31 Jul 2025: Summer Picks - Selected reading recommendations >
19 Jul 2025: Letter from the Editor - A new industrial order >
05 Jul 2025: Letter from the Editor - How the US might default on its debt >

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.

07 Aug 2025: Other CB >
31 Jul 2025: Fed Review - Powell resists pressure to cut rates soon >
25 Jul 2025: Fed Preview - Still waiting >
24 Jul 2025: ECB Review - Higher bar for a September cut >
21 Jul 2025: ECB Preview - On hold, for now >

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.

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.

02 Sep 2025: Green govies at a crossroads as greenium declines >
28 Aug 2025: The US stock market is fundamentally strong >
26 Aug 2025: Copper: diverging tariffs, tight inventories and stable demand >
31 Jul 2025: EUR-USD: no summer break! >
22 Jul 2025: Will health care bounce back anytime soon? >

The Long View

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.

01 Sep 2025: The long goodbye: how digital currencies could undermine USD hegemony >
27 Aug 2025: ESG: Markets lead where policy lags >
02 Jul 2025: Battery metals: the calm before the storm >
04 Jun 2025: Launching our longevity series >
13 May 2025: Bridging the gaps to defend Europe’s future >

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.

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.