Morgan Stanley on Friday reported first-quarter results that topped estimates as stock trading revenue surged 45% amid rising global volatility.

Here’s what the company reported:

• Earnings: $2.60 a share vs. $2.20 a share LSEG estimate
• Revenue: $17.74 billion vs. expected $16.58 billion

The company said earnings rose 26% to $4.32 billion, or $2.60 per share, while revenue rose 17% to a record $17.74 billion.

Equity trading was the standout this quarter, as revenues jumped 45% to $4.13 billion, about $840 million more than the StreetAccount estimate.

Morgan Stanley said that its equity results were strong across its franchise, but particularly in Asia and in operations catering to hedge funds “driven by strong client activity amid a more volatile trading environment.”

Elsewhere, the company mostly met expectations.

Fixed income trading rose 5% to $2.6 billion, essentially matching the StreetAccount estimate. Investment banking rose 8% to $1.56 billion, just under the $1.61 billion estimate.

Wealth management revenue rose 6% to $7.33 billion, matching the estimate.

Shares of Morgan Stanley, like those of its peers, have whipsawed in recent days as President Donald Trump’s trade policies have increased concern that the U.S. was headed for a recession.

The bank’s massive wealth management business will be helped by high stock market values in the first quarter, which inflates the management fees it collects.

Analysts will want to ask about the outlook for mergers and IPO listings, which may be curtailed amid the tensions.

This story is developing. Please check back for updates.