2023-04-19 22:03:44
The share price of the American Morgan Stanley Bank declined in the beginning of yesterday’s trading by 1.3%, following the bank’s revenues from securities trading activity during the first quarter of this year came less than expectations and increased provisions to cover loan losses, while profits from lending activity came less than expectations, at the time. In which the bank’s total revenue slightly exceeded expectations.
According to a press release issued by the bank, the investment banking sector continued to decline. The bank said profits fell 19 percent to $2.98 billion, or $1.70 per share, compared to a year earlier.
The bank’s net revenues during the first quarter amounted to $14.52 billion, which was more than the average forecast of $14.07 billion for analysts polled by Bloomberg, while net revenues from the wealth management sector increased by 11% annually to $6.56 billion.
Revenues from the securities trading and sale sector declined by 14% annually to $2.73 billion. Revenues from the international investment banking services sector declined to $1.25 billion. Revenues from the advisory services sector declined by 32% annually to $638 billion.
Meanwhile, European stocks closed slightly lower yesterday, as technology stocks were affected by the decline in shares of the Dutch chip company (ASML), while the rise in shares of insurance companies limited the wave of decline.
The pan-European STOXX 600 closed down 0.1%, but still hovering around its highest level in 14 months. Investor sentiment was affected by worrying statements made by officials of the European Central Bank, which indicated the continuation of raising interest rates.
Earlier in the day, Goldman Sachs raised its forecast for the European Central Bank’s interest rate to 3.75 percent from 3.5 percent.
Interest rate-sensitive real estate and technology stocks fell 1.0% and 1.9%, respectively.
The technology sector stock touched a three-week low following shares in Dutch chip maker ASML Holding fell 3.7% on jitters from some customers, overshadowing a strong quarterly performance.
1681954107
#European #stocks #decline #profits #Morgan #Stanley #decline