Cash-strapped Puerto Rico fired a warning shot across the bows of its many creditors last week when it opted not to pay a bond due on August 1.
Nomura managed to triple first-quarter profits at its wholesale division on the back of a surge in investment banking fees and equity trading, which, for the first time in four years, brought in more than the brokerage’s fixed-income business.
Morgan Stanley was the latest US bank to report better than expected investment banking results powered by equity trading. Like its peers, Morgan Stanley cited particular strength in Asian markets. That could make the results harder to replicate going forward.