Macroeconomic uncertainty hit global fixed-income trading revenues at Citigroup's securities and banking arm in the third quarter, dragging underlying net profits globally down 29% from a year ago – with Europe, the Middle East and Africa the hardest hit region.

Profits from continuing operations at Citi's securities and banking arm in Emea - stripping out the effects of so-called debt valuation adjustments, or movements in the bank's credit spreads - dropped from $562 million in the third quarter last year to $245 million for the same period this year, the bank said in its results statement today.