【Citi Bank's Dirk Willer: European Business Cycle Shifts, Overweight US Stocks, Bearish on the Dollar】Golden Finance reports that at the "2025 Asset Management Annual Conference," Dirk Willer, Citi's Global Macro and Asset Allocation Research Director, shared investment views on major global markets for the second half of this year. Dirk Willer first outlined Citi's asset allocation views: overweight equities (especially US, to some extent including Europe), underweight UK stocks; neutral on government bonds, overweight emerging market bonds, underweight Japanese government bonds; underweight investment grade credit in Europe and the US; neutral on commodities; short the dollar, long the euro and some emerging market currencies. Regarding the stock market, Dirk Willer pointed out that the "American exceptionalism" has clearly returned, which is evident from its performance relative to Europe and other regions globally, with the core driver being the return of AI trading — the technology sector's performance leads the US market, becoming a key support. (21 Asset Management)
