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UniCredit research highlights a stark divergence within the Eurozone manufacturing sector, where high-tech industries have grown 30% post-pandemic while traditional segments like automotive and chemicals have declined by 7%. This industrial strain is exacerbated by a muted fiscal response to recent energy shocks, with government support measures totaling only 0.1% of GDP compared to 3% in 2022. Consequently, economic indicators remain weak, with the Eurozone composite PMI expected to fall to 48.5 as services and manufacturing both face high input costs. In equity markets, analysts observe an earnings-driven structural boom in global IT, where massive returns in the US and Emerging Markets are underpinned by robust profit growth rather than speculative bubbles. However, the surge in capital expenditure by tech giants—potentially reaching $1 trillion by 2027—has led to record euro-denominated bond issuance, prompting a recommended underweight position in corporate bond portfolios due to increased debt levels and rate sensitivity. Finally, in Central and Eastern Europe, political shifts in Hungary have led its 10Y government bonds to outperform Poland's by 30bp, as investors bet on ambitious euro adoption plans and structural reforms.

41 reports available

Quarterly Updates thumbnail

Quarterly Updates

UniCredit·Jul 1, 2026

UniCredit's quarterly report highlights the economic relief from the reopening of the Strait of Hormuz and the significant growth boost provided by continued AI investment. Despite persistent short-term inflation, the outlook remains cautiously constructive for equities and growth.

Coffee Break Corporate Credit Remains Rock-Solid thumbnail

Coffee Break Corporate Credit Remains Rock-Solid

UniCredit·Jul 2, 2026

UniCredit reports an improved outlook for European corporate credit in 2H26 due to declining stagflation risks. Spreads are expected to widen only modestly, supported by stable corporate credit metrics and cash reserves.

Coffee Break thumbnail

Coffee Break

UniCredit·Jun 29, 2026

The report highlights that global equities have demonstrated resilience in the first half of 2026, driven by positive earnings revisions. Investors are now focused on the 2Q26 earnings season as a test of this ongoing momentum.

Coffee Break thumbnail

Coffee Break

UniCredit·Jun 29, 2026

UniCredit reports that equities remain resilient following positive earnings revisions, setting the stage for the 2Q26 earnings season as a key market test. The firm maintains a constructive view on global equities through mid-2027.

The Bottom Line thumbnail

The Bottom Line

UniCredit·Jun 26, 2026

This report previews upcoming ECB forum events in Sintra and June inflation data for the eurozone alongside US nonfarm payroll expectations.

The Bottom Line thumbnail

The Bottom Line

UniCredit·Jun 19, 2026

This report highlights an expected uptick in eurozone growth signals, alongside a hawkish shift in Federal Reserve policy expectations. It also forecasts a shift in Hungarian central bank policy and provides updates on US and eurozone financial indicators.

Rewriting the Fed Playbook

UniCredit·Jun 18, 2026

European Bank Strength Is Becoming Hard To Ignore

UniCredit·Jun 17, 2026

BTP Italia Sì The New Instrument To Counter Inflation

UniCredit·Jun 16, 2026

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