on Monday downgraded U.S. stocks in anticipation of a pullback in growth stocks and a recession in the fourth quarter of the year, while betting on beaten-down counterparts in Europe with an upgrade.
Citigroup instead sees potential in “heavily discounted” European stocks, as the bank increased allocation to some cyclicals. These include the materials sector, which is seen benefiting from a potential uptick in China’s economic growth. Strategists at the brokerage downgraded UK stocks on a lack of exposure to growth stocks and a stronger pound. Emerging market stocks, upgraded to an “overweight” rating, replaced the UK stocks in Citigroup’s asset allocation.
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