The City of London’s traditional summer lull, which typically results in thinly-traded markets and a dip in dealflow during July and August, has hit particularly hard in 2018, new data suggests.

The value of deals conducted across Europe's equity capital markets between July 1 and August 8 totalled $9.2bn, according to figures compiled for Financial News by Dealogic — the lowest amount since 1995. The $127.4bn in bonds issued in the region over the same period was the lowest for 13 years.