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Morgan Stanley third-quarter profits rise 32% to $3.2bn

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Morgan Stanley third-quarter profits rise 32% to .2bn

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Morgan Stanley’s quarterly profits rose 32 per cent to $3.2bn, boosted by a recovery in investment banking and an uptick in stock trading. 

The bank’s reported third-quarter net income was up from $2.4bn a year earlier and ahead of analysts’ estimates, both overall and for individual divisions.

Morgan Stanley shares were up almost 3 per cent in pre-market trading in New York.

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Investment banking fees rose more than 50 per cent from a year ago to $1.5bn — a bigger jump than Wall Street rivals that have reported in recent days.

Revenues at Morgan Stanley’s equities trading business rose 21 per cent to $3bn, outstripping a more modest increase in its smaller fixed income trading unit.

Morgan Stanley’s wealth management business, which has almost $6tn in client assets, attracted net new assets of $64bn during the quarter, almost twice the figure of a year ago. 

This is a developing story

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Video: Elon Musk Is Going All In to Elect Donald Trump

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Video: Elon Musk Is Going All In to Elect Donald Trump

Elon Musk, the richest man in the world, has involved himself in the U.S. election in a manner unparalleled in modern history. Theodore Schleifer, who covers campaign finance and billionaires for The New York Times, explains how Musk, who owns the social network X, is working to re-elect former President Donald J. Trump.

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Biden admin threatens to restrict Israel aid and Tyron McAlpin arrest under scrutiny: Morning Rundown

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Biden admin threatens to restrict Israel aid and Tyron McAlpin arrest under scrutiny: Morning Rundown

The Biden administration threatens to restrict military assistance to Israel over conditions in Gaza. The arrest of a deaf Black man with cerebral palsy in Arizona draws national attention. And centuries of Egyptian artifacts get an enormous new home. 

Here’s what to know today.

The Biden admin’s warning to Israel about military assistance

Omar Al-Qattaa / AFP via Getty Images

The Biden administration may restrict military assistance to Israel if the humanitarian situation in Gaza doesn’t improve within the next 30 days, according to a letter sent last weekend to Israeli Defense Minister Yaov Gallant and Minister of Strategic Affairs Ron Dermer. A U.S. State Department spokesperson confirmed the existence of the letter yesterday.

In the letter, Secretary of State Antony Blinken and Defense Secretary Lloyd Austin said that the U.S. must continually assess under its own law whether Israel is “directly or indirectly” impeding the transport of U.S. humanitarian assistance to Gaza. If it is, they warned that the U.S. could halt additional military financing, two U.S. officials and a defense official said.

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The Biden administration sent a similar warning to Israeli officials in April but ultimately determined the actions taken by Israel to improve the humanitarian situation afterward met the requirements under the law. Since then, the situation in the Gaza Strip has further deteriorated.

Read the full story here.

More coverage of Middle East conflicts: 

  • The Biden administration also signaled support for Israel’s operations against Hezbollah in hopes that the Iran-backed group will withdraw from southern Lebanon. But a State Department spokesperson said Israel’s incursions should be “limited.”

Harris says Trump wants to ‘please dictators’ in radio interview

Vice President Kamala Harris opened a new line of attack against former President Donald Trump, criticizing his relationship with Russian President Vladimir Putin and connecting it to the well-being of Black Americans. The comments came during a live radio town hall hosted by Charlamagne Tha God as she tries to stem a small but steady erosion of support from voters of color. 

On Trump, Harris said he “admire[s] dictators” and sent hard-to-find Covid tests to Putin for personal use “when Black people were dying every day by the hundreds.” The claim that Trump sent testing devices to Putin came to light last week in a new book from journalist Bob Woodward. 

Harris also tried to belittle Trump, which could be an attempt to chip away at his appeal among male voters. She has ramped up efforts this week to appeal to Black male voters in particular. “This man is weak, and he is unfit,” she said. 

The wide-ranging interview also covered the idea of slavery reparations, which Harris first embraced but has since distanced herself from, and touched on her record as a prosecutor. Read the full story. 

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More election coverage: 

➡️ A Georgia judge blocked a rule backed by Trump allies that would have required ballots cast on Election Day to be counted by hand.

➡️ Trump doubled down on calling Democrats “enemies from within” in a taped Fox News town hall set to air today.

➡️ Despite a rousing DNC speech urging voters to “do something,” former first lady Michelle Obama has yet to hit the campaign trail in support of Harris. Here’s why.

➡️ House Democratic Leader Hakeem Jeffries hopes voters will help flip control of the House and, as a result, potentially pave the way for a historic speakership.

➡️ Republican Sen. Ted Cruz and Democratic Rep. Colin Allred clashed over abortion, trans athletes and Jan. 6 in a feisty Texas Senate debate

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➡️ ISIS-K was behind a foiled U.S. Election Day terror plot that resulted in the arrest last week of an Afghan man in Oklahoma, two senior U.S. officials said.

➡️ “While Biden isn’t on the ballot anymore, voters are certainly feeling his presence,” NBC News chief political analyst Chuck Todd writes. The clock is ticking for Harris, who needs to find more ways to differentiate herself from the president. Read the full analysis here.

➡️ Harris recently proposed to have Medicare cover the costs of at-home care. For those feeling the financial sting of caring for ill and aging loved ones, it could be a lifeline.

Arrest of deaf Black man with cerebral palsy under scrutiny

Public outcry is mounting against a pair of Phoenix police officers who repeatedly punched and Tased a deaf Black man with cerebral palsy as he was arrested outside a convenience store — a case that this week a public official acknowledged “merits additional scrutiny.” The incident involving Tyron McAlpin happened in August but recently drew national attention when one of his attorneys released police body camera video and surveillance footage from his arrest. 

According to a police incident report, the Aug. 19 incident began when two police officers responded to an emergency call of a fight at a Circle K convenience store. They spoke to a white man, who a 911 caller said had been the aggressor in the fight. That man, who had dried blood on his T-shirt, pointed to McAlpin, who was walking nearby, and said he was the person who assaulted him. The two officers pursued McAlpin and intercepted him in the parking lot of another store. After his arrest, McAlpin, 34, was charged with aggravated assault and resisting arrest.

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Maricopa County Attorney Rachel Mitchell said on Monday she plans to “personally review” the case. The Phoenix Police Department also said this week that McAlpin’s arrest is the subject of an ongoing internal investigation. Read more about the case and see video of the confrontation.

Read All About It

  • The Menendez brothers’ extended family is expected to gather outside a Los Angeles courthouse today as the district attorney weighs a possible resentencing. 
  • Facing a long road to recovery after Hurricane Helene, Asheville musicians fret about scraping by until crowds can come back.
  • Nearly 10 million pounds of ready-to-eat chicken products, from major stores such as Trader Joe’s, Kroger and 7-Eleven, were recalled over a listeria risk.
  • A man was arrested in the fatal shooting of a woman who was killed while exercising on a popular Nashville walking trail. 
  • The Victoria’s Secret Fashion Show returned after a yearslong hiatus, featuring past Angels like Adriana Lima, Tyra Banks and Kate Moss.

Staff Pick: Ancient Egyptian artifacts have a grand new home

Grand Egyptian Museum in Giza
Khaled Desouki / AFP – Getty Images

If Egypt wasn’t already on your travel bucket list, it should be now. The country is finally opening the doors of its sprawling new archaeological museum today, after nearly two decades of delays to the project. The site, a mile from the Pyramids of Giza, is destined to become a staple of the tourist trail, but for now only a portion will be open to visitors. Among the 100,000 artifacts set to entice visitors are the gold mask of Tutankhamun and a colossal 3,200-year-old statue of Ramesses the Great. I bet they have a great gift shop too.— Nick Duffy, platforms editor

NBC Select: Online Shopping, Simplified

Sick of waking up with a crick in your neck? One NBC Select reporter tested out the Marlow memory foam pillow from Brooklinen and has been sleeping soundly ever since. Plus, as cooler weather rolls in, it’s time to turn on your space heater. Here are the 11 best heaters at every price point, plus safety tips from the experts.

Sign up to The Selection newsletter for hands-on product reviews, expert shopping tips and a look at the best deals and sales each week.

Thanks for reading today’s Morning Rundown. Today’s newsletter was curated for you by Elizabeth Robinson. If you’re a fan, please send a link to your family and friends. They can sign up here.

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Elon Musk gives $75mn boost to Donald Trump’s presidential run

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Elon Musk gives mn boost to Donald Trump’s presidential run

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Elon Musk has given nearly $75mn to help Donald Trump’s bid to win back the White House, as the world’s richest man tries to influence the outcome of next month’s US presidential election.

Musk made several multimillion-dollar donations during the third quarter to America Pac, his political action committee, according to a federal filing released on Tuesday, giving the group a huge budget to support Trump’s re-election bid.

The group already spent more than $96mn boosting Trump, according to the independent non-profit OpenSecrets, and about $10mn more helping Republicans in congressional races.

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Musk, who owns social media group X and runs Tesla, endorsed Trump in July after the Republican candidate survived an assassination attempt at a rally in Butler, Pennsylvania. Musk joined Trump on stage at the same venue for a rally this month.

Details of the scale of Musk’s donation — which makes him one of Trump’s biggest backers of this election cycle — come as the former president tries to close a fundraising gap with Democratic rival Kamala Harris in a tight White House race.

The Financial Times’ poll tracker currently puts Harris 2.6 per cent ahead of Trump nationally but in a virtual dead heat in seven pivotal swing states with just three weeks to run in the race.

Trump also gained major financial backing from Miriam Adelson, wife of the late casino developer Sheldon Adelson, who gave $95mn to her pro-Trump super Pac Preserve America, according to another filing on Tuesday.

Musk, who supported Democrats in previous elections, has described the 2024 vote as his final hope for US democracy and claimed that illegal immigrants would take over the country if Harris won.

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“If Trump doesn’t win this election, it’s the last election we’re going to have,” said Musk last week on Republican pundit Tucker Carlson’s show on X. The billionaire added that he was “all in” for Trump.

Musk has ridiculed President Joe Biden and vice-president Harris to his 200mn-plus followers on X, marking an increasingly rightward turn in his public commentary over the past few years.

Other top donors to Musk’s America Pac include billionaire tech entrepreneurs Cameron and Tyler Winklevoss; early Tesla investor Antonio Gracias; Palantir Technologies co-founder Joe Lonsdale; Sequoia partner Shaun Maguire; and Doug Leone, a former managing partner at the firm.

America Pac has hired canvassers in battleground states including Pennsylvania and Michigan. Its website claims that pay starts at $30 an hour.

The group is also offering people $47 — the next US president will be the 47th — “for each registered voter you refer that signs a petition pledging support for the First and Second Amendments” of the US Constitution, which protect free speech and the right to bear arms, respectively.

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If Trump wins, he has pledged to appoint Musk to lead a commission to audit federal spending and regulations.

“Elon Musk is perhaps the greatest businessman and innovator of our day,” John Paulson, a top Trump donor and potential Treasury secretary if the Republican wins the election, told the FT. “Elon brings tremendous energy, creativity and focus to everything he does.”

Paulson said it would be a “huge win” to have Musk involved in cutting government red tape.

Musk has become an increasingly vocal critic of what he considers “woke” politics. In July, he said he would move his companies X and SpaceX to Texas after California passed a law barring school districts from requiring staff to notify parents of a change in a child’s gender identification.

He has also chafed at the Biden-Harris administration, which he considers hostile to his businesses even as his net worth has ballooned tenfold between 2020 and 2024 to $246bn, according to Forbes.

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In 2021, Biden’s first year in office, the White House snubbed Tesla at an event featuring electric-vehicle manufacturers and the United Auto Workers union. Tesla, which is anti-union, was not invited. 

Several federal agencies are also probing Musk’s businesses, including investigations by the Department of Justice and Securities and Exchange Commission into Tesla’s claims about driver-assistance systems.

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