The most important macroeconomic and industry trends affecting the Group’s wholesale business in the quarter have been:
- A confirmation of the upward trend in global economic growth.
- The global environment has been assisted by the economic policies undertaken in recent quarters, which have reduced uncertainty and balanced risks.
- Exchange rates have had a negative impact on the balance sheet, activity and earnings of CIB. All the comments below on rates of change will be expressed at a constant exchange rate, unless expressly stated otherwise.
