The quarterly reporting season in the US ramps up over the next couple of weeks, and with forecasts suggesting it will be the weakest in almost seven years, markets face an important test.
Shares prices, oil and higher risk currencies have rebounded strongly over the past two months, as the worries that dominated headlines in January have faded away. With some markets back in positive territory for 2016, and within striking distance of last year's record highs, the next month or so could be interesting.
A handful of companies are scheduled to report results this week, before things really heat up during the second half of April.
Earnings expectations have fallen sharply, with analysts slashing their forecasts by close to 10 per cent over the past three months. The S&P500 index is now forecast to see earnings decline by more than 8 per cent, well down from the small gain that was expected at the beginning of the year.
This would make for the third consecutive quarter of falling earnings, and the worst performance in this regard since March 2009. Seven of the 10 main industry sectors are forecast to see earnings go down, rather than up.