For Jefferies equity analyst Randy Giveans, it is "a tale of three markets" to be told as first-quarter earnings season kicks off in earnest this week.

No fewer than 11 major US-listed stocks are scheduled to disclose earnings by Friday across quite different climates for rates in the quarter past.

Shipping comes into the big week with a little momentum, as the 32 stocks under Jefferies' coverage gained an average 4% last week against a 0.2%