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Sector Update: Financial Stocks Advance Premarket Wednesday

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Financial stocks were advancing premarket Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) 0.3% higher.

The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.9% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.7% lower.

Manulife Financial (MFC) shares were down more than 3% after the company priced a $750 million public offering in the US of 6.146% subordinated notes due 2041.

Citigroup's (C) Citibank NA London Branch has been fined about 4.7 million British pounds ($6.3 million) under the UK's Russia sanctions regime, Britain's Office of Financial Sanctions Implementation said. Citigroup stock was 0.4% higher pre-bell.

Prudential (PUK) has increased its share buyback program to about $1.47 billion from $1.2 billion. Shares of Prudential were slightly lower premarket.

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