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The joint venture set up by Morgan Stanley (MS +2.8%) and Mitsubishi UFJ Financial (MBFJF.PK)...

The joint venture set up by Morgan Stanley (MS +2.8%) and Mitsubishi UFJ Financial (MBFJF.PK) stumbled to a $1.75B loss in its first year of operation after a series of poorly hedged bets on derivative products racked up $1.2B in trading losses for January-March. Morgan Stanley's Q1 beats estimates, but its 40% interest in the JV weighs on results.
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