Morgan Stanley report a lower EPS than forecast at $1.44, with equities sales & trading revenue higher than expected at $2.96bln vs. Exp. $2.94bln, while FICC sales & trading was higher than expected at $2.50bln vs. Exp. $2.16bln.

Report highlights:

• A more volatile market environment than we have seen for some time.
• Strong results in Equity and Fixed Income helped partially counter weaker investment banking activity.
• Investment Banking was impacted by the uncertain macroeconomic environment.
• Fixed Income net revenues increased substantially from a year ago reflecting strength in macro businesses and in commodities on increased client activity and volatility in the markets