SUNAC CHINA (01918.HK) slid more than 6% in afternoon trade, extending its fall to a fresh record low.

Citigroup strategists led by Beata Manthey cut the UK equity allocation two notches to underweight in global asset allocation, citing the market’s defensive bias and heavy commodity/energy exposure as less attractive as geopolitical tensions ease. The team favors US and Japanese equities and leaves other European markets at neutral. They note the FTSE 100’s roughly 10% energy weight and near-35% allocation to defensive sectors (healthcare, staples) supported outperformance during the Iran-driven oil spike, but the index has lagged since the US and Iran announced a ceasefire on April 8.

A Wall Street Journal survey showed the probability of a US recession fell to 25% from 33% in April.