According to a S&P Capital IQ analyst survey, financial sector earnings across the S&P Europe 350 will expand 24% in 2012, reports Madison marriage for Investment Europe.

“On the whole, analysts expect cyclical sectors to recover their earnings growth in 2013 while continuing to lower their 2012 earnings forecasts. This implies analysts are optimistic about the future performance of European corporations despite expected recession this year,” Victoria Chernykh, director at S&P Capital IQ, said.

iShares MSCI Europe Financial Sector

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Max Chen contributed to this article.