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Morgan Stanley posts earnings of 42 cents a share vs 62 cents expected

Morgan Stanley delivered quarterly earnings that fell well short of analysts' expectations on Monday, as investors fled the bond, currency and commodity markets amid uncertainty about the timing of a U.S. interest rate hike and concerns about China's cooling economy.

Shares of Morgan Stanley slumped in premarket trading immediately following the report. (Get the latest quote here.)

The investment banking giant posted third-quarter adjusted earnings of 42 cents per share, down from 65 cents a share in the year-earlier period.

Revenue fell to $7.33 billion from $8.54 billion a year ago.

Wall Street had...