- Euromoney Institutional Investor says trading conditions have continued broadly in line with the board's expectations and the challenging market shows no signs of improvement.

It says the pressures on the investment banking sector, which account for roughly half the group's revenues, and on fixed income, currency and commodities activities in particular, continue to offset the improving performance in the group's businesses serving the asset management sector.

Since June the impact of low energy prices has also started to have a negative effect on the group's activities in this sector. Headline revenues for the quarter to 30 June fell by 1% to £105.4m. Underlying revenues, which exclude the impact of currency movements and acquisitions and disposals, fell by 5% largely due to recent weakness in the energy sector.

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