Morgan Stanley’s profit plunges 42%

Wall Street bank Morgan Stanley’s profit slumped for the second straight quarter as investors fled the bond, currency and commodity markets amid uncertainty about the timing of a U.S. interest rate hike and concerns about China’s cooling economy. Morgan Stanley, the last of the big U.S. banks to release third-quarter earnings, said on Monday its trading revenue fell 17.2 percent to $2.03 billion in the period, contributing to a 42.4 percent drop in profit attributable to shareholders. The bank’s shares were down 5.8 percent in premarket trade.
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