The market is beginning to price in the effect of the new El Niño weather pattern, Morgan Stanley said. Mentions of "El Niño" in earnings conference calls have also been on the rise. That's because the upcoming El Niño phenomenon has come into clearer focus, allowing Wall Street to predict who the top winners and losers could be. "Extreme weather events are broadening and strengthening," Morgan Stanley analysts led by Javier Martinez de Olcoz wrote in a note issued Tuesday. On the flip side, insurance stocks as well as Brazilian sugar and ethanol producers trading way higher.

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Persons: Morgan Stanley, It's, —, Javier Martinez de Olcoz, El Niño, Mor, Niño Organizations: Service, El, El Niño Bloomberg Locations: Panama, El, America, Southern California, United States, Australia