BNP is the first of the big European banks to report this quarter and after U.S. President Donald Trump unleashed a global trade war at the start of April all eyes are on the outlook and how banks expect to navigate an anticipated slowdown in economic growth that could hit loan demand.

The French lender posted an expected decline in net profit, despite a better operating performance and higher revenue.

BNP ’s equity and prime services traders drove the increase, with a 42 per cent rise in revenues for the division to €1.2bn. US President Donald Trump’s erratic trade and policy announcements have led to wild swings in stock markets,