Citibank Dirk Wheeler: European business cycle turning, overbooking US stocks, bearish on US dollar According to Golden Finance, at the "2025 Asset Management Annual Meeting", Dirk Willer, head of global macro and asset allocation research at Citigroup, shared his investment views on major global markets in the second half of this year. Dirk Wheeler first outlined Citigroup's views on asset allocation, including over allocated stocks (especially in the United States, and to some extent in Europe) and under allocated British stocks; Neutral attitude towards government bonds, over matching emerging market bonds and under matching Japanese treasury bond bonds; Low end investment grade credit in Europe and the United States; Maintain a neutral attitude towards bulk commodities; Short the US dollar, long the euro and some emerging market currencies. In terms of the stock market, Dirk Wheeler pointed out that the "American exceptionalism" has clearly returned, which can be seen from its performance relative to Europe and other regions around the world. The core driving force is the return of artificial intelligence trading - the performance of the technology sector leads the US market and becomes a key support. (21 Asset Management)