Q3 earnings season is in full swing and Saxo Bank’s head of equity strategy Peter Garnry previews what to expect from three big banks.

JP Morgan Chase, Wells Fargo and Citi Group all post results on Friday. Garnry thinks that further rate hikes by the US Federal Reserve will benefit JP Morgan Chase’s loans operation.

Wells Fargo and Citi Group are slated for respective year-on-year falls of 4% and 12% respectively.

Garnry believes that sentiment on Wells Fargo may continue to be negative following several scandals, but thinks emerging markets, which bounced back strongly from February’s lows, will help Citi Group perform better than expected.