Morgan Stanley profits trump forecasts

US investment bank Morgan Stanley saw stronger-than-expected fourth-quarter profits, boosted by a jump in financial trading after Donald Trump's election.

The bank reported a $1.67bn profit for the period, compared with a $908m profit a year ago.

Fixed-income sales and trading revenue for the quarter hit $1.5bn, almost three times the $550m achieved in the final three months of 2015.

The bank's figures were in line with those reported by competitors.

US banks benefited from a market rally in the wake of the November presidential election, beating Wall Street forecasts.

Morgan Stanley shares have risen 61% in value over the past year.