Citigroup downgrades European stock market ratings due to the Greenland issue leading to worsening relations with the United States.

Citigroup has downgraded European stock ratings for the first time in over a year, citing deteriorating relations between Brussels and Washington due to US President Donald Trump's push to acquire Greenland. "The latest escalation of transatlantic tensions and trade uncertainty weakens the recent investment case for European equities" and undermines the profit prospects of continental European companies," Citigroup strategists Beata Manthey and others wrote in a report on Monday. Due to weak recent investment conditions, they have downgraded European stock ratings to neutral, excluding the UK. At the same time, Citigroup has upgraded its rating for the Japanese stock market from neutral to overweight.