The first quarter earnings season is wrapping up and the impact on the S&P 500 versus the FTSE stock exchanges is pretty astounding.

Ken Elgarten of Société Générale said in a commentary on the US credit environment: "Earnings season winding down, with more than 90% of the S&P 500 companies reporting Q1 results with roughly 75% of those either meeting or beating forecasts."

It bodes well for the US: "Overall, we anticipate solid results, with likely more optimistic forward statements, helped by an improved jobs outlook, increased consumer credit, and the recent drop in commodity prices," Elgarten added.

It's a completely different picture in the UK.

According to the UK's InvestmentWeek, "concerns raised by ratings agencies, analysts and hedge funds have pushed bank shares lower this morning as the FTSE 100 snaps seven straight days of gains."

"Continued worries over the stability of the Co-operative Bank, whose debt was downgraded six notches by Moody's last Friday, hit sentiment across the sector, with Lloyds Banking Group and RBS each falling 2%," the article states.