The start of the first-quarter earnings season in Europe on Monday will test whether the general confidence of European chief executives over their American counterparts is warranted.

Most Europeans have stressed their belief that they will see another record year of earnings, rather than succumbing to the transatlantic gloom and doom of profit warnings. But some European business leaders are starting to change their tune, and think there is no way of avoiding the impact of a US recession on the continent and its companies.