Table of Contents

• Morgan Stanley

• Producer Price Index

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Morgan Stanley

Morgan Stanley beat analyst forecasts in the second quarter, delivering $2.13 in earnings per share versus the $1.96 consensus and posting $16.79 billion of revenue (analysts had looked for about $16.07 billion). Profit climbed 15% year-over-year to $3.54 billion, while total revenue was roughly 12% higher than a year earlier. The upside was led by brisk trading in its institutional business, institutional securities brought in about $7.64 billion, alongside a healthy wealth-management division that generated roughly $7.76 billion (up from $6.79 billion a year prior), helped by stronger asset-management fees. CEO Ted Pick noted the bank’s string of consistent quarters across varied markets. Shares dipped a little more than 2% on the news, though the stock remains up about 10% so far this year.

Producer Price Index

Wholesale prices were unchanged in June, with the overall Producer Price Index flat against forecasts for a 0.2% rise, and core PPI also coming in at zero growth. Although final‐demand goods costs climbed 0.3%, led by an 0.8% jump in tariff‐sensitive communication equipment, service prices dipped 0.1%, offsetting goods gains. May’s PPI was revised up from a 0.1% to a 0.3% increase, marking the largest goods gain since February, while annual headline inflation eased to 2.3% and core to 2.6%, their lowest rates since fall 2024. Markets took the report in stride, with equity futures rising and Treasury yields softening, as the data suggest that recent tariff measures have yet to meaningfully stoke broad inflationary pressures.

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