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Morgan Stanley Q3 EPS up YOY; Highland Capital Management files for bankruptcy

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Morgan Stanley Q3 EPS up YOY; Highland Capital Management files for bankruptcy

Morgan Stanley posted third-quarter earnings applicable to common shareholders of $2.06 billion, or $1.27 per share, up from $2.02 billion, or $1.17 per share, in the year-ago period.

BB&T Corp. reported third-quarter net income available to common shareholders of $735 million, or 95 cents per share, down from $789 million, or $1.01 per share, a year ago.

SunTrust Banks Inc. reported third-quarter net income available to common shareholders of $597 million, or $1.34 per share, down from $726 million, or $1.56 per share, a year ago.

M&T Bank Corp. and KeyCorp have also disclosed their third-quarter financial results.

Highland Capital Management LP filed for Chapter 11 bankruptcy protection at the United States Bankruptcy Court for the District of Delaware. The filing stems from a potential judgment being sought against the company. Although Highland Capital Management disputes the underlying claims, entry of the judgment in its maximum potential amount could result in a judgment against the company greater than the entity's liquid assets.

In Kentucky, Citizens Union Bank of Shelbyville and Peoples Bank & Trust Co. have agreed to merge. Citizens Union Bancorp Shelbyville Inc. is the parent company of Citizens Union Bank, and Owenton Bancorp Inc. is the parent of Peoples Bank & Trust.

Moody's Corp. declined to comment on a media report that it may have to drop a plan to seek control of China Chengxin International Credit Rating Co. Ltd., the largest corporate ratings company in China.

The U.S. Securities and Exchange Commission has filed an emergency action and obtained an asset freeze against 18 traders in a scheme to manipulate more than 3,000 U.S.-listed securities for over $31 million in illicit profits. The SEC alleges that the traders, who are primarily based in China, manipulated the prices of thousands of thinly traded securities by creating the false appearance of trading interest and activity in those stocks, thereby enabling them to reap illicit profits by artificially boosting or depressing stock prices.

Federal Reserve Governor Lael Brainard said U.S. regulators are "closely examining" the functions of stablecoins and cryptocurrencies more broadly to determine if additional authorities or guidance are needed. "It should be no surprise that Facebook Inc.'s Libra is attracting a high level of scrutiny from lawmakers and authorities," Brainard said at the Peterson Institute for International Economics.

In other parts of the world

Asia-Pacific: China loosens interbank bond rules; Macquarie faces lawsuit in Germany

Europe: Bank of China could bid for Goodbody; RBS boosts Brexit fund; Basel progress

Middle East & Africa: Afreximbank confirms $250M London IPO; Qatar Islamic Bank's Q3 profit up YOY

Now featured on S&P Global Market Intelligence

US credit unions open a net 22 branches in Q3: U.S. credit unions opened 77 branches and closed 55 during the third quarter, according to S&P Global Market Intelligence data.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng jumped 0.69% to 26,848.49, while the Nikkei 225 dropped 0.09% to 22,451.86.

In Europe, around midday, the FTSE 100 increased 0.58% to 7,209.21, and the Euronext 100 decreased -0.60% to 1,098.22.

On the macro front

The housing starts report, the jobless claims report, the Philadelphia Fed business outlook survey, the industrial production report, the EIA natural gas report, the EIA petroleum status report, the Fed balance sheet and the money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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