These factors, thus, resulted in lower volatility in equity markets and other asset classes, including commodities, bonds and foreign exchange. So, Morgan Stanley is likely to have witnessed a muted trading performance in the to-be-reported quarter. Also, tougher comps from the prior year are expected to have weighed on performance. Further, Morgan Stanley's co-president Andy Saperstein, in an investor conference, noted that because of a more challenging economic environment, the company's sales and trading "results will be notably down year over year versus a strong second quarter last year." The Zacks Consensus Estimate for equity trading revenues is pegged at $2.61 billion, suggesting a fall of 11.9% from the prior-year quarter's reported number. The consensus estimate for fixed-income trading revenues of $2.07 billion indicates a year-over-year decrease of 17.2%.