Citibank's Derek Willett: European business cycle turns, overweights US stocks, bearish on the US dollar.

At the "2025 Asset Management Annual Meeting," Citigroup's Global Macro and Asset Allocation Research Director Delk Wright shared his investment views on major global markets in the second half of this year. Delk Wright first outlined Citigroup's allocation views on various assets: overweight stocks, underweight UK stocks; neutral on government bonds, overweight emerging market bonds, underweight Japanese government bonds; underweight investment grade credit in Europe and the United States; neutral on commodities; shorting the US dollar, long on the Euro and some emerging market currencies. In terms of the stock market, Delk Wright pointed out that the "American exceptionalism theory" has clearly returned, as can be seen from its performance relative to Europe and other regions in the world, with artificial intelligence trading leading the way in the technology sector and becoming a key support for the US market.