Remind me, what dates are the UK Banks reporting their Q2 results?

UK banks begin reporting Q2 results in the final week of July and conclude on 4 August, as detailed below:

How did markets react to the UK Banks’ Q1 results?

In late April through until early May, the four major UK banks released their first quarter earnings. Lloyds began proceedings, announcing on 27 April that it had managed to double its first quarter profits to £1.3bn despite setting aside £450m to cover costs of the HBOS scandal and ongoing PPI compensation claims. Unsurprisingly, its shares rallied a solid 2.4% as investors welcomed the release. Will Q2 figures provide more of the same?

The following day, Barclays and RBS reported their figures with strikingly contrasting reactions. Barclays, despite reporting generally solid numbers, saw shares dramatically fall 5.1% as investors were disappointed by weak trading revenues, exacerbated further as US peers reported strong performances in equivalent divisions.

In stark contrast, RBS shares rallied an impressive 4.7% after reporting its first quarterly profit since 2015. The bank, having been plagued with legacy issues after its taxpayer-funded bailout in 2008, now expects to turn its first yearly profit in 2018. When both banks come to report Q2 figures, could their roles be reversed?

HSBC rounded things off on 4 May, as the Asia-focused lender reported a $5.9bn pretax profit, which saw its shares rally a welcome 3% on the day. Can analysts’ expectations for trading be topped once again in Q2?

How have US banks fared so far?

With the break-up of traditional US earnings curtain raiser Alcoa, Citigroup, JP Morgan and Wells Fargo have all but cemented themselves as the new opening acts. On 14 July, all three released their Q2 figures. JP Morgan crossed the wires first, reporting a beat on both the top (revenue) and bottom (earnings-per-share) lines. However, its figures were marred by a sharp fall in its Fixed Income, Currencies and Commodities (FICC) trading department. As a result, shares fell 1%. Citigroup beat on both lines, however also saw its fixed income revenue fall by 6%, leading to shares closing just shy of breakeven. Wells Fargo provided a bright spot for the day, however, reporting net interest income increasing by over 6% due to rising rates. Its shares climbed 1.1%.

On 18 July, Bank of America performed similarly to JP Morgan, seeing a 14% fall in fixed income revenues. Goldman Sachs went one step further, however, reporting its worst ever quarter for commodities trading, historically a cornerstone of revenues. Despite beating on top and bottom lines, shares fell 2.6%. The sector saved the best until last as Morgan Stanley reported figures on 19 July, announcing the best overall Q2 trading performance by a US bank. Unsurprisingly, shares rallied 3.3% on the announcement.

Over the page, we’ll provide an in depth look at each of the four banks, highlighting key levels, technical analysis and providing City brokers’ consensus price targets. Which bank do they prefer? Read on to find out!