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Citi strategists have reduced their US equity exposure, bringing their small-cap overweight back to zero as part of a broader effort to cut stock holdings. The firm expressed concern that there will be no quick end to the Middle East conflict, increasing market risk. This move reflects a wider strategy of reducing equity engagement amid global uncertainty.

Citi strategists said they brought their U.S. small-cap overweight 'back to zero' as part of a broader effort to cut equity exposure.