Corporate earnings season is off to a flying start, but the positive surprises have so far failed to generate upward momentum for global stock markets.

As of Friday morning, 13% of companies in Europe and 20% in the U.S. had reported first-quarter earnings, with the majority exceeding consensus expectations.

Barclays analysts on Friday highlighted that earnings per share (EPS) growth has been particularly high thus far, at 107% year-on-year in Europe and 63% in the U.S.

EPS beats are above average for a reporting season at 74% in Europe and 83% in the U.S., Barclays highlighted, while sales growth has surprised positively versus consensus by 1% in Europe and 4% in the U.S. Financials have led the beats, with all European financials so far delivering positive earnings per share surprises.

However, both European and U.S. markets are down slightly for the week, and Barclays Head of European Equity Strategy Emmanuel Cau suggested that high earnings expectations had largely been priced into markets following their impressive run and re-rating over the past year.

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“Our view that the reporting season may turn out to be a case of ‘travel and arrive’ seems to be playing out so far,” Cau said in the note.

“The median stock price reaction to results is indeed negative despite the strong beats to estimates, mainly in the U.S., while it is broadly flat in Europe.”