With Alcoa giving up its coveted position as the curtain raiser for US earnings season earlier this year, it’s unsurprising who has swooped in to take pole position. Three US banking giants have swiftly cemented themselves as the opening act, preparing us perfectly for UK Banks’ own reporting season, beginning 27 July.

Today’s figures from Citibank, JPMorgan and Wells Fargo could be a precursor for things to come on this side of the pond in barley a fortnight’s time. Whilst low volatility in financial markets was widely touted to have had a negative impact , positives were expected from the US Federal Reserve’s commitment to continue gradually raising interest rates, as well as approving bigger dividends and share buybacks.

JPMorgan crossed the wires first, with both a top (revenue) and bottom line (profits) beat, the latter being its highest read ever , although fixed income revenues missed expectations due to low volatility. Citi too reported a top and bottom line beat, however its fixed income team beat rivals, while Wells Fargo recorded its first quarterly profit in almost two years.

This brings us nicely to the UK Banks’ own figures, set for release in just two weeks’ time.

Lloyds Banking (LLOY), with the UK’s largest loan book, is the first of the ‘big three’ UK banks to report Q2 figures on 27 July. Its fortunes are closely tied to the housing market, driven by consumer demand for mortgages, and thus interest rates set by the bank of England.

The previously government-owned lender’s shares have rallied after each of its last three earnings updates . Can it make it a full calendar year of positive performance at the end of the month?

Barclays (BARC), with the most investment banking operations, reports a day later. It has seen its shares remain subdued over the second quarter, coming off 18-month highs in Q1 as scandals followed CEO Jes Staley.

Back in April, when the last remaining UK investment bank reported Q1 figures, its shares fell over 5% as investors reacted to weak trading  performance. However, following strong US peer performance, despite weaker than expected quarter for investing, might Barclays follow suit?

Finally, Royal Bank of Scotland (RBS) rounds things off on 4 August. Having been forced to set aside a series of considerable provisions to address malpractice both before and during the financial crisis, investors have welcomed several settlements with UK and US authorities.

RBS defied a weak run of results-based performances in Q1 to notch its first quarterly profit in over two years, seeing its shares rally 4.7% on the day. Will it slip back into its old losing streak or continue to enjoy a fresh lease of life?

We’ll begin to find out the answers in just 14 days’ time. In the meantime, however, we have eleven other UK 100 companies reporting next week, including three of the biggest Miners, a well-known budget airline and a perennial takeover target.

Don’t want to miss out on what could be a pivotal week for the UK’s blue chip index?

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Samuel Springett, Senior Trader, 14 July