It was bound to happen. After several US banks managed to beat street estimates on earnings, yesterday came one that did not. And quite predictably this set off another slide in financial stocks, which were already weakened after Bank of America's first-quarter numbers earlier in the week sparked renewed concerns about loan losses.
Being primarily an investment bank, loan losses were never going to be a big drag on Morgan Stanley's results, but the first-quarter earnings released by the bank in the US morning yesterday were well below analysts' expectations and, contrary to those of its peers that have already reported such as Goldman Sachs, J.P. Morgan, Citi, and Bank of America, the bank remains...
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