Citigroup’s Dirk Willer: European Business Cycle Shifts, Overweight U.S. Stocks, Bearish on the Dollar

According to a report by Jinse Finance, at the "2025 Asset Management Annual Conference," Dirk Willer, Head of Global Macro and Asset Allocation Research at Citi, shared his investment perspectives on major global markets for the second half of this year. Dirk Willer first outlined Citi's asset allocation views: overweight equities (especially the US, and to some extent Europe), underweight UK equities; 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 US dollar, long the euro and select emerging market currencies. Regarding the stock market, Dirk Willer pointed out that the "US exceptionalism" narrative has clearly returned, as evidenced by its performance relative to Europe and other regions globally. The core driver is the resurgence of AI-driven trading—performance in the technology sector is leading the US market and has become a key support. (21 Asset Management)