With around one in three of the world's largest firms reporting quarterly earnings this week, Peter Garnry, Saxo bank's Head of Equity Strategy looks ahead and gives us his thoughts and views about the possible winners and losers. Peter sees a clear divide between US and European stocks, with American firms doing well, while he expects mixed results from Europe. Peter expects companies with global exposure to do better and points to firms like Volkswagen and L'Oreal whose results will also give us a sense of consumer spending levels.