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Global Banks, Insurers Win Most Profit Upgrades Since '09: Chart

Higher bond yields across the world this year have helped lift earnings expectations for financial stocks, with double-digit growth projected for companies in both the U.S. and Europe. The optimism has helped push the MSCI World Financial Index to near its highest level since the financial crisis, while upgrades to profit estimates this month outweighed cuts by the largest margin in eight years, according to a Citigroup Inc. index.