Jefferies reported a 58% slump in capital markets revenues in the first quarter of 2019, a stark portent for Wall Street banks hit by the US government shutdown and poor investor sentiment during the period.

The US bank, which is the first to report its first-quarter results, often serves as a bellwether for the rest of Wall Street. It said it made $105m in its capital markets division during the period, sharply down on $144m during the same period last year. Investment banking revenues fell 36% to $278m.