Morgan Stanley has today beaten estimates for quarterly profit as higher revenue from trading in stocks and strong equity underwriting outweighed weakness in its bond trading and advisory businesses.

The bank's sales and trading revenue rose 7.5% to $3.13 billion, with equities revenue rising 7%. Bond trading revenue was up just 1%. 

Uncertainty in global markets due to an escalating US-China trade tariff war and a rout in the Turkish lira kept market volatility elevated through most of the third quarter. 

Bond trading revenue at top Wall Street bank JPMorgan declined in the third quarter. 

Morgan Stanley's direct competitor, Goldman Sachs, is due to report results later in the day. 

The bank said its total revenue rose 7.3% to $9.87 billion.

Net income attributable to Morgan Stanley rose to $2.11 billion, or $1.17 per share, in the third quarter ended September 30, from $1.78 billion, or 93 cents per share, a year ago. 

Analysts were expecting $1.01 per share, according to I/B/E/S data from Refinitiv.

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