Morgan Stanley
Morgan Stanley
Morgan Stanleyis an American multinational financial services corporation headquartered in the Morgan Stanley Building, Midtown Manhattan, New York City. Morgan Stanley operates in 42 countries and has more than 1300 offices and 60,000 employees. According to the Scorpio Partnership Global Private Banking Benchmark, the company had $1.454 trillion of assets under managementin 2014, an increase of 17.5% over its 2013 figure...
attractive continue contrast drivers last negative rather short struggle term turning
We continue to struggle to find attractive valuations in the sector, and, in contrast to last October, we feel short term drivers are turning negative rather than positive.
key timing turn
The peak...is the key determinant of the timing of the prospective turn in the dollar.
european intake lead margins oil order profit rising services strong
(This) should lead to strong order intake and rising profit margins for European oil services firms.
book company corporate deferred firmly gains hope needs profits tax year
Without deferred tax credits, Hutchison needs to book exceptional gains this year to keep profits firmly in the black. We hope that this spurs the company into more corporate activity.
accumulate bank basket due horizon investment investors recommend sector shares sharp stocks uplift value
We also recommend that investors with a 2- to 3-year investment horizon accumulate shares in the sector through a basket of mid-sized bank stocks because there could be a sharp uplift in value due to consolidation activity.
continue costs fuel likely pace saving slowing
With a weakening hedging profile, fuel costs will continue rising, and a slowing pace of saving on other costs will likely keep a lid on expectations for profitability.
copper expect surprise
We expect copper to surprise on the upside.
absent claims complete current expects management pipeline share stress
Urals claims to be considering a pipeline of 20-30 deals, and management expects to complete at least one substantial transaction by mid-year. We stress that, in our view, deal-flow expectations are absent from the current share price.
ability concerns delivered flat help income interest investor kept loan manage margin net portfolio reduce securities stronger tight yield
Net interest margin and Net interest income were stronger than expected, as BAC kept a tight lid on deposit pricing, shrank the securities portfolio and delivered strong loan growth. This should help reduce investor concerns on the bank's ability to manage through the flat yield curve.
commodity deficits expectation forecasts increased markets ongoing price reflect sustained tight
We have significantly increased our short-term and long-term commodity price forecasts to reflect our expectation of sustained tight markets and ongoing deficits in 2006.
balance china disasters environmental growth led needs neglect obsession quality recent suggest
Recent environmental disasters suggest that China needs to find a better balance between growth and environmental protection. The obsession with GDP has led to a neglect of growth quality issues.
crude higher meaningful oil patterns point price reach
We now think that (U.S.) crude oil could reach $61 before a meaningful sell-off occurs. Long-term price patterns point to even higher prices.
concerned remain
We remain concerned about the sustainability of performance.
interest overlap parties third
With this overlap in mind, (takeover) interest from third parties may well be limited.