Citi equity strategists downgraded US equities, saying recent developments such as DeepSeek, Europe's fiscal stance and trade tensions had strengthened its view on diversifying outside the US market. "The drivers of'exceptionalism 'from a GDP and EPS perspective are fading," said the bank's strategists, including Beata Manthey, who downgraded US equities from overweight to neutral. Citi said the US market remains relatively expensive, while the downward trend in EPS forecasts is intensifying. (Jin Ten)