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Wall Street's trading desks are having a moment that rewards patience in the cycle.
Morgan Stanley posted a 58% rise in profits, the latest investment bank to shatter analyst forecasts, with equities trading revenues providing the firepower behind the headline number.
Equities carry the quarter Against the backdrop of a booming Wall Street, equities trading emerged as the sector's engine this earnings season.
Morgan Stanley's result follows a pattern that has now repeated across major Wall Street franchises: when volumes run, trading desks convert activity into revenue at a pace that consensus estimates routinely underestimate.
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