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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.

27 reports available

Coffee Break The Pricing Power Of Football thumbnail

Coffee Break The Pricing Power Of Football

UniCredit·Jun 11, 2026

This report examines the dramatic pricing surge for the 2026 FIFA World Cup, which highlights the strength of the live-experience economy. It also covers the expected ECB rate hike of 25 basis points.

IPOs: Signal, Not Driver of Markets thumbnail

IPOs: Signal, Not Driver of Markets

UniCredit·Jun 11, 2026

This report argues that IPOs are primarily indicators of prevailing market sentiment rather than structural drivers of long-term performance. Flagship AI-related listings are identified as short-term catalysts that will establish new valuation benchmarks for the broader technology sector.

EU Bonds Where They Stand Before Final 1H26 Deal thumbnail

EU Bonds Where They Stand Before Final 1H26 Deal

UniCredit·Jun 9, 2026

The EU is finalizing its 1H26 funding target of EUR 100bn amidst sustained investor demand, keeping spreads against Bunds near historic lows. However, further spread tightening depends on increased EU institutional cooperation and long-term funding strategies.

Not All Yield Rises Are Equal For Equities thumbnail

Not All Yield Rises Are Equal For Equities

UniCredit·Jun 6, 2026

The report examines the impact of rising UST yields on equity markets, arguing that drivers like real yields and market risk sentiment are more critical than the yield rise magnitude itself. It warns that current conditions may be unfavorable for equities due to potential fiscal-driven real yield spikes.

Not All Yield Rises Are Equal For Equities thumbnail

Not All Yield Rises Are Equal For Equities

UniCredit·Jun 5, 2026

This report argues that rising US Treasury yields do not have a uniform impact on equity markets. The outcome depends heavily on the underlying drivers of the yield increase, the speed of the move, and the broader risk sentiment.

IT Sector – It’s the Earnings, Stupid thumbnail

IT Sector – It’s the Earnings, Stupid

UniCredit·Jun 4, 2026

The global IT sector rally is powered by a structural AI-fuelled earnings boom, with valuations in the US and emerging markets actually declining despite significant price gains.

IT Sector: It's the Earnings, Stupid

UniCredit·Jun 3, 2026

Structural Shifts Dilute Buffett Signal

UniCredit·Jun 8, 2026

The Bottom Line

UniCredit·Jun 6, 2026

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