Group 1 - Jed Finn, Head of Wealth Management at Morgan Stanley, will speak at the UBS Financial Services Conference on February 10, 2026, at 3:30 p.m. (ET) [1] - Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, wealth management, and investment management services, with offices in 42 countries [1] - Morgan Stanley Direct Lending Fund (NYSE: MSDL) will release its financial results for the fourth quarter and fiscal year ended December 31, 2025, on February 26, 2026, after market close [1] Group 2 - Morgan Stanley has been ranked the 1 Outsourced Chief Investment Officer (OCIO) provider in the United States with $246.9 billion in U.S. OCIO AUM, according to Chestnut Solutions Institute's inaugural OCIO Market Leader Awards [1] - The distinction recognizes Morgan Stanley's industry-leading scale, capabilities, and commitment to delivering high-quality investment solutions to institutional clients [1] - The accompanying report from the Institute indicates an increase in OCIO AUM in 2025 [1]

About Morgan Stanley Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit https://www.morganstanley.com/. NEW YORK--(BUSINESS WIRE)--Morgan Stanley today announced that it has comple ...

Core Insights - Nearly 60% of the largest banks in the U.S. are either already offering Bitcoin-related services or expect to do so, indicating a significant trend towards Bitcoin adoption in the banking sector [1][5] Group 1: Current Offerings and Initiatives - Major U.S. banks such as JPMorgan Chase have launched Bitcoin trading services, while Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley provide Bitcoin exposure primarily to high-net-worth clients [2] - U.S. Bank and BNY Mellon are among the first systemically important banks to offer custody services for Bitcoin [3] - PNC Group has launched both Bitcoin custody and trading services, while State Street and HSBC's U.S. operations have announced custody plans [5] Group 2: Exploratory Stages and Recommendations - Some banks, including Citigroup and Fifth Third, are still in the exploratory stages regarding custody and trading offerings [6] - Bank of America has recommended that clients allocate up to 4% of their portfolios to cryptocurrencies, reflecting a shift in stance even among banks without direct Bitcoin products [4][9] - Bank of America also plans to initiate coverage of four U.S.-listed spot Bitcoin exchange-traded funds (ETFs), which provide direct exposure to Bitcoin [10] Group 3: Banks Yet to Enter the Market - Despite the growing momentum, a significant minority of large U.S. banks have not yet announced Bitcoin-related products or plans, with nine banks remaining on the sidelines [7][8][11]

Core Viewpoint - Morgan Stanley anticipates that the upcoming January FOMC meeting will maintain interest rates unchanged, focusing on the tone of the statement [2][5] Group 1: Interest Rate Outlook - The Federal Reserve is expected to keep the federal funds rate target range at 3.50%-3.75%, indicating a tactical adjustment rather than a return to a tightening cycle [2] - The statement is likely to upgrade the economic growth assessment from "moderate" to "robust" and remove references to "increased risks to employment," suggesting reduced concerns about the labor market [2] Group 2: Forward Guidance - The key aspect for investors is the forward guidance, with Morgan Stanley predicting the statement will retain language about "considering further adjustments" rather than "any adjustments," indicating a continued dovish stance [3][5] Group 3: Voting Dynamics - There is an expectation of dissenting votes, with predictions that Governor Miran will vote against the decision, advocating for a 50 basis point rate cut [4] Group 4: Economic Context - Powell is expected to justify the pause by referencing recent strong growth data, stable hiring, and a decrease in the unemployment rate to 4.375% [7] - Despite strong activity data, inflation data has not shown the expected effects from tariffs, but the Fed remains confident that inflation will decline later in the year [7] Group 5: Market Strategy - The short-term financing market remains accommodative, with repo rates normalizing below the interest on reserve balances (IORB), indicating an excess of cash in the system [9] - Morgan Stanley recommends a long position on the 2-year UST SOFR swap spread, targeting -14 basis points, based on the loose financing environment and expectations of a steepening front-end curve [10] Group 6: Currency Outlook - Morgan Stanley has revised its outlook for the foreign exchange market, now expecting stronger U.S. economic growth (GDP growth forecast for 2026 raised to 2.4%) and a delay in Fed rate cuts [12] - Despite this, the firm maintains a moderately bearish view on the U.S. dollar due to synchronized global growth and undervaluation of the Japanese yen [13] Group 7: Asset Class Focus - In the mortgage-backed securities (MBS) sector, the significant $200 billion purchase plan by GSEs has led to a substantial narrowing of MBS spreads, prompting a neutral stance from Morgan Stanley [18] - Municipal bonds are considered fundamentally sound but expensive, with low yield ratios compared to corporate bonds, raising concerns about sustainability if the Fed provides ambiguous signals [18]

January 26, 2026 01:57 PM GMT G10 FX Strategy | Global M Update FX Positioning Indicates Short DXY Positions Ahead of the Fed Our FX options positioning scores are now published daily on Bloomberg. A table of the tickers can be found in the Appendix. Source: DTCC, Bloomberg, Morgan Stanley Research; Note: Using options that were traded in the past three months and expire in the coming one month. Notionals are delta-adjusted. Data as of Friday, January 23. See FX Trading Signals From Options Data and Assessi ...

January 26, 2026 01:06 PM GMT G10 FX Strategy | North America M Idea Five USD Factors: Where Do We Stand? The USD bear case has softened as US growth has been surprisingly resilient, but four forces still skew weaker: strong ex- US data, lingering policy risk, an undervalued JPY, and a rising CNY. Key Takeaways Click here to be added to this email distribution list. Morgan Stanley & Co. LLC Andrew M Watrous Strategist Andrew.Watrous@morganstanley.com +1 212 761-5287 Morgan Stanley & Co. International plc+ D ...

智通财经APP获悉，摩根士丹利概述了10项投资预测，旨在帮助投资者应对该行所描述的"极端市场波 动期"。 5. 能源政治学： 全球能源成本的上升将引发对数据中心扩张的反弹，从而促使政策转向支持低成本能 源解决方案。随着企业和政府寻求替代方案，预计数据中心项目将增加"离网"供电策略的开发。 摩根士丹利股票策略师斯蒂芬·C·伯德将分析核心聚焦于四个关键主题：人工智能/技术扩散、能源未 来、"多极世界"以及社会变革。 根据伯德的观点，社会变革涵盖了人工智能驱动的就业颠覆、人口老龄化、消费者偏好改变、对健康长 寿的追求，以及多个地区面临的人口结构挑战所带来的连锁反应。 1. 大语言模型(LLM)进展与AI应用的"两个世界"： 美国的尖端大语言模型将在2026年上半年实现能力 的阶梯式飞跃。尽管对AI采用率的担忧可能在年初占据主导，但摩根士丹利预计，随着AI能力的非线 性增长带来广泛效益，看涨情绪将在下半年显现。 2. 算力需求超过供给： 人工智能应用的普及和使用场景复杂性的增加，将推动算力资源的净需求呈指 数级增长。尽管需求激增，但供应增长仍将落后。不过，摩根士丹利新的"智能工厂(Intelligence Facto ...

大摩闭门会：2026强势开局，然后呢？260123_导读 2026年01月25日 15:43 大摩闭门会：2026强势开局，然后呢？260123_导读 2026年01月25日 15:43 关键词 CSI300 恒生指数 盈利增速 市盈率 夏普比率 摩根士丹利 新兴市场 标普500 净资产收益率 ROE产业升级 人工智能 科技创新 财政政策 货币政策 房地产市场 新开工面积 房价 MSCI中国 人民币汇率 关键词 CSI300 恒生指数 盈利增速 市盈率 夏普比率 摩根士丹利 新兴市场 标普500 净资产收益率 ROE产业升级 人工智能 科技创新 财政政策 货币政策 房地产市场 新开工面积 房价 MSCI中国 人民币汇率 全文摘要 2026年初，中国股市展现强劲回升势头，背后推动力量包括企业盈利改善、科技创新加速以及政策面的支持。尽 管全球环境充满不确定性，摩根斯坦利仍对MSCI中国指数及其他新兴市场持乐观态度，预计2024年中后市场开始 反弹，强调了中国股市在风险调整后收益上的相对吸引力。对话还预测了亚洲主要股市的未来目标点位，并分析 了影响中国股市的七大关键因素，包括盈利预测、行业展望、宏观经济环境、房地产 ...

BloombergTrades focused on Latin American currencies are among the top performers. The Brazilian real, for instance, has already returned 4.5% so far in 2026, building on last year’s 23.5%. The country’s interest rates are at 15% even though inflation has slowed toward the central bank’s target range. The Mexican peso’s carry trade has returned 4.3% this year, with Deutsche Bank maintaining a bullish stance on the currency.Citi strategists too are among those recommending buying the real against the dollar ...

Core Viewpoint - Morgan Stanley predicts that gold prices may reach $5,700 per ounce in the second half of the year due to increasing geopolitical uncertainty and support from central bank and ETF purchases, indicating that gold prices have not yet peaked [1] Central Bank Trends - Recent trends in central bank purchases suggest that gold is increasingly viewed as a major competitor to the US dollar in reserves [1] - Poland's recent decision to raise its gold target indicates that the country will continue to purchase gold despite high prices, which may encourage other central banks to follow suit [1] ETF Demand - Strong ETF demand remains robust, particularly in North America and Asia, contributing to the overall demand for physical gold [1] Interest Rate Outlook - Strong physical gold demand is expected to persist against the backdrop of potential interest rate cuts by the Federal Reserve in 2026 [1]