A Chinese delegation led by Vice Premier Liu He could be sent before month's end to iron out phase one, a source tells CNBC's Kayla Tausche.Marketsread more
"But I expect we'll have a deal," Mnuchin tells CNBC.Politicsread more
Wall Street analysts were largely skeptical of Trump's announcement on Friday of a substantial trade deal.Marketsread more
Apple will release the iPhone SE2 early next year for $399, analyst Ming-Chi Kuo says.Tech Driversread more
Sanders, who is recovering from a heart attack, reveals the new tax plan a day before the third Democratic debate.2020 Electionsread more
The Treasury secretary expresses optimism that the U.S. and China have a workable first-phase agreement.Economyread more
The ITB, the homebuilder's ETF, has its highest level since January 2018. Craig Johnson, chief market technician at Piper Jaffray, thinks there could be even more room to run.Trading Nationread more
However, that doesn't mean it won't cause harm, says Gottlieb. "You can't inhale something into the lungs on a repeated basis and not cause some damage to the lung."Health and Scienceread more
Climate change activists targeted BlackRock, the world's biggest asset manager, in London on Monday, demanding that the world's major financial institutions stop funding what...Environmentread more
The Salesforce CEO called for the establishment of a "new capitalism" that's partly funded by taxing the rich.Technologyread more
Industrials are gearing up for big gains, says Piper Jaffray's Craig Johnson. Here's one way to play the breakout.Trading Nationread more
Morgan Stanley on Wednesday posted profit and revenue that exceeded analysts' expectations on better-than-expected results in wealth management and fixed-income trading.
The bank said it generated $2.4 billion in first-quarter profit, or $1.39 per share, compared with the $1.17 estimate of analysts surveyed by Refinitiv. Morgan Stanley's revenues of $10.3 billion beat the $9.94 billion estimate. Shares advanced 1.9% in premarket trading.
"We delivered solid earnings despite a slow start to the year following the turbulent markets in the fourth quarter," CEO James Gorman said in the earnings release. "Even though risks to the global environment remain, markets have recovered and we are well positioned to serve our clients and invest in our businesses."
Under Gorman, Morgan Stanley has emphasized its wealth management division, a far steadier business than its trading operations. But Morgan Stanley still has a sizable Wall Street trading and advisory business, and that was expected to weigh on results as it did at rivals including Goldman Sachs. Morgan Stanley wasn't spared from the malaise that affected trading desks across Wall Street, but results weren't as bad as feared.
The bank posted $1.71 billion in bond trading revenue, $200 million more than analysts had expected, as gains in credit trading helped offset weak government bond and currencies results. Equities trading produced $2.02 billion in revenue, just under the estimate. Together, that made for a 15% decline in trading revenue.
Investment banking revenue dropped 24% to $1.15 billion, essentially matching estimates, on lower fees from mergers advice and stock and bond underwriting.
While the firm's Wall Street operations benefited from lowered expectations for the quarter, Morgan Stanley's wealth management division had a higher hurdle.
And it came through, producing $4.39 billion in revenue, exceeding the estimate by $200 million. The business offset the lower asset levels from December's stock market swoon with higher interest income through more lending to its wealthy clients.
In its smallest division, investment management, Morgan Stanley produced $804 million in revenue, about $115 million more than analysts had expected.
"We believe the bar for Morgan Stanley had been sufficiently lowered heading into results and would characterize the quarter as solid amidst a relatively challenging backdrop," JMP Securities analyst Devin Ryan said in a note. "Furthermore, we believe business momentum exiting the quarter across most areas is better today relative to where it started."
Last month, Gorman's second-in-command, Colm Kelleher, announced plans to retire in June. The move will leave the position of president at Morgan Stanley vacant, setting up a contest among executives who want to someday succeed Gorman.
Morgan Stanley was the last of the six largest U.S. banks to report first-quarter earnings. J.P. Morgan Chase and Bank of America posted record profits on the strength of their consumer-banking operations, while Wells Fargo and Citigroup posted mixed results.
Here's what Wall Street expected: