Citi raises its US stock market rating to "Overweight," preferring defensive stocks

According to Golden Ten Data, strategists at Citigroup have upgraded their rating on the US stock market from "neutral" to "overweight", stating that the heightened uncertainties brought by ongoing wars are making investors more inclined to choose companies with higher quality and stronger defenses. At the same time, they downgraded their rating on emerging market equities from "overweight" to "neutral", citing these markets' vulnerability to energy shocks and a strengthening US dollar.