---
title: "Citigroup's Dirk Willer: European business cycle turns, overweight U.S. stocks, bearish on the dollar"
description: "At the 2025 Asset Management Annual Conference, Dirk Weller of Citibank stated that the European business cycle has turned, recommending an overweight in U.S. stocks and a bearish outlook on the dolla"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/253312553.md"
published_at: "2025-08-16T15:29:10.000Z"
---

# Citigroup's Dirk Willer: European business cycle turns, overweight U.S. stocks, bearish on the dollar

> At the 2025 Asset Management Annual Conference, Dirk Weller of Citibank stated that the European business cycle has turned, recommending an overweight in U.S. stocks and a bearish outlook on the dollar. He analyzed investment strategies in major global markets, believing that the U.S. stock market still has room for growth, especially in the technology sector benefiting from the return of artificial intelligence. At the same time, he pointed out that the boom in U.S. capital expenditures has not yet ended and is expected to continue driving stock market performance in the future

At the "2025 Asset Management Annual Conference," Dirk Willer, Head of Global Macro and Asset Allocation Research at Citigroup, shared investment views on major global markets for the second half of this year. Dirk Willer first outlined Citigroup's allocation views on various asset classes: overweight equities, underweight UK equities; neutral on government bonds, overweight emerging market bonds, underweight Japanese government bonds; underweight investment-grade credit in Europe and the US; neutral on commodities; short the US dollar, long the euro and some emerging market currencies. In terms of the stock market, Dirk Willer pointed out that the "American exceptionalism" has clearly returned, as evidenced by its performance relative to Europe and other parts of the world, with the core driver being the return of AI trading — the performance of the technology sector leading the US market and becoming a key support

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- [C.US - Citigroup](https://longbridge.com/en/quote/C.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.