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Citi bets on the eurozone

Citi skyscraper building in Canary Wharf in London on September 18, 2013.
Justin Tallas | AFP | Getty Images
Citi skyscraper building in Canary Wharf in London on September 18, 2013.

The major European markets finishing Tuesday solidly in the green, as investors stayed relatively calm in wake of Friday's terrorist attacks on Paris.

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Steven Wieting, global chief investment strategist at Citi Private Bank, told CNBC's "Power Lunch" there is no compelling reason to re-position portfolios defensively right now.

"Investors who get sidelined by volatility should not see this as a reason to flee into Treasury bills," said Wieting. "Long term, we still like Europe. The eurozone is a high beta play on recovery with a longer runway for improvement."

One way Wieting is taking advantage in the region is on a currency-hedged basis. "It is worthwhile to hedge the euro, given the area should outperform for the next few years."

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Outside of Europe, Wieting is underweight parts of the developed world, including Canada and Australia. Among the emerging markets, he is underweight Brazil.

Citi Private Bank has $260 billion in assets under management as of September 2015.