Morgan Stanley says revenues up, but 'cyclical headwinds' persist

Morgan Stanley said it had another difficult quarter in trading commodities due to “cyclical headwinds” in markets, even as revenues improved from the previous quarter.

Morgan Stanley said its net revenue from trading commodities, currencies and bonds fell more than 40 per cent in the quarter that ended in March from a year earlier, a much greater decline than that experienced by key Wall Street rivals such as Goldman Sachs and JPMorgan Chase.

via Business feed http://www.scmp.com/business/banking-finance/article/1218092/morgan-stanley-says-revenues-cyclical-headwinds-persist