Morgan Stanley’s capital-markets businesses are firing on all cylinders.

The bank was the only Wall Street firm so far to beat analyst expectations in three main businesses: fixed income, equities trading and investment banking. The firm’s dealmakers posted a 15 per cent jump in revenue, while its competitors all saw declines.

Chief Executive Officer James Gorman has made Morgan Stanley No. 1 in equities trading and is investing to expand market share of fixed-income as well. The bank skirted a slump in debt underwriting that plagued its competitors. The results may help reverse Morgan Stanley’s stock slide, after falling 17 per cent, the most of the five biggest U.S. banks this year through Monday.

Fixed-income revenue totaled US$1.2 billion, a surprise 1 per cent increase, due to a rise in revenue in foreign exchange and commodities, while equity sales and trading revenue climbed to US$2 billion from US$1.9 billion.

Net income was US$1.17 per share, compared with the US$1.01 estimate of 21 analysts in a Bloomberg survey.

Morgan Stanley shares were trading at US$44.20 at 7:08 a.m. in early trading in New York, after closing at US$43.47 on Monday.