Your morning briefing, the business news you need in just 15 minutes. 

On today's podcast:

(1) Morgan Stanley shares fell the most in five months after a report that a cadre of US regulators are scrutinising the firm’s efforts to prevent potential money laundering by wealthy clients.

(2) The European Central Bank held interest rates steady for a fifth meeting, while sending its clearest signal yet that cooling inflation will soon allow it to commence cuts.

(3) The UK economy grew for a second month in February, suggesting a recovery from recession is now under way. Gross domestic product rose 0.1% from January, the Office for National Statistics said Friday, in line with the gain forecast by economists. 

(4) Ex-Federal Reserve Chair Ben Bernanke is set to deliver his verdict on the Bank of England’s forecasting process on Friday at noon London time. Ahead of publication time, we look at the three most important questions the review poses for markets

(5) Credit traders at Barclays and HSBC are among those making a market for clients to bet against the debt of Thames Water amid an escalating crisis at the UK’s largest water utility.