Citibank upgrades its rating on the Chinese stock market to "hold" and downgrades the US stocks, referring to it as "American exceptionalism", and suspends it temporarily.

Citigroup strategist downgraded the rating of US stocks from hold to neutral, while upgrading the rating of Chinese stocks to hold, stating that the "American exceptionalism" has at least temporarily halted. Citigroup's global macro research and asset allocation director Dirk Willer wrote in a report that Citigroup has been holding US stocks since October 2023, but the cracks in the ability of US stocks to outperform the market have become more apparent. At the same time, he said that considering DeepSeek's breakthrough in artificial intelligence technology, government support for the technology industry, and low valuations, Chinese stocks look attractive even after the recent rebound. Willer wrote: "In the coming months, news from the US economy may lag behind other regions of the world, so at least tactically speaking, the American exceptionalism is unlikely to make a comeback." He added that the neutral view on the US stock market is within a three to six month time frame, expecting more negative data to be released in the US. After President Trump initiated a trade war and continued to cut spending, the market sentiment in the US stock market quickly deteriorated, intensifying concerns about the US economy. Although the S&P 500 index has fallen by 4.5% year to date, the A-share index listed in Hong Kong has surged by 20%, becoming one of the best performing indices in 2025.