Citigroup raises Japan stocks to 'neutral,' cuts UK to 'underweight'

© Reuters. FILE PHOTO: Staff enter the Citigroup building in London's financial district of Canary Wharf November 18, 2008. REUTERS/Kevin Coombs/File Photo) 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. "Global economic risks generally look more balanced, though downside risks remain," equity strategists at Citigroup said in a note.

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