Investment banks are on course to report another quarter of lower trading revenues from fixed income and shares in the first three months of 2019, according to analysts at UBS. This follows a bad end to last year.

UBS expects banks’ revenues from trading in fixed income, currencies and commodities to fall by 11% in the first quarter of 2019, compared with the same period a year ago. The analysts expect a lower decline of 8% for equities trading.