CITI CUTS US STOCKS ON PROLONGED WAR RISK Citi is reducing exposure to U.S. equities, warning the Iran conflict is unlikely to end quickly and is raising downside risks. The bank cut its small-cap overweight to zero and moved overall equity allocation to neutral, citing oil shocks, weak macro signals, and tightening liquidity. Markets are already under pressure, with major indexes nearing correction territory, while Citi warns limited panic so far leaves room for further declines if tensions escalate.(*Walter Bloomberg)