Citigroup raises Japan stocks to \u0027neutral,\u0027 cuts UK to \u0027underweight\u0027

📆 7/10/2023 4:32 AM
📰 ChannelNewsAsia

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Citigroup on Friday upgraded its recommendation on Japanese stocks to \u0022neutral\u0022 as the country\u0027s economy and earnings look resilient, but downgraded British equities to \u0022underweight\u0022 due to high exposure to fluctuations in oil prices.The Wall Street brokerage also cut its rating for the global energy sect

FILE PHOTO: Staff enter the Citigroup building in London's financial district of Canary Wharf November 18, 2008. REUTERS/Kevin Coombs/File PhotoCitigroup on Friday upgraded its recommendation on Japanese stocks to"neutral" as the country's economy and earnings look resilient, but downgraded British equities to"underweight" due to high exposure to fluctuations in oil prices.

It said that if hopes of a"soft landing" in the United States prevail, cyclical stocks should outperform, with cyclical markets such as Japan also benefiting.

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