Q1 2020 Nomura Holdings Inc Earnings Call Transcript
Good evening. This is Takumi Kitamura, CFO of Nomura Holdings. I will now give you an overview of our results for the first quarter of the year ending March 2020.
Please turn to Page 2. The market environment remained challenging as heightened U.S.-China trade friction and concerns over the economy led to monetary easing by central banks and market activity was generally muted throughout the quarter. Despite strong market activity in April, investors quickly turned cautious in May and share prices dropped as trade negotiations stalled following comments by the Trump administration on raising tariffs on Chinese products.
In the Fixed Income market, a sharp decline in U.S. rates and credit spread tightening, coupled with higher volatility, prompted many investors to sit on the sidelines ahead of the G20 meeting at the end of June.
Amid this challenging environment, we delivered services tailored to the needs of our clients and saw results from reviewing our business portfolio and other efforts to improve
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