EU FINANCIALS: UBS Group: 3Q25 Results Headlines      

EU Bank large Block trade, suggest seller:

• CAZ5 ~7.8k at 233.10.

Riksbank September meeting minutes are due at 0830BST/0930CET. A reminder that the Board voted to cut the policy rate to 1.75% last Tuesday, with Deputy Governor Seim dissenting in favour of a hold. The guidance was fairly clear that this was likely to be the last rate cut of the cycle.

• We’ll first be looking at Seim’s dissenting comments. The September policy statement said that Seim “advocated an unchanged policy rate….together with a policy rate path signalling some probability of a further cut later this year….She argued that a vulnerable supply side, combined with an expansionary fiscal policy in 2026, implies that inflation could surprise on the upside”
• We already considered Seim to be the most hawkish member of the Board before the September decision, so her dissent wasn’t a massive surprise.
• We won’t pay any attention to First Deputy Governor Breman’s remarks following her announcement as the new RBNZ Governor. Breman formally leaves the Riksbank next week.
• Recruitment for a new Deputy Governor has begun. Aino Bunge has been promoted to First Deputy Governor.
• With the Board currently comprised of only four members, Governor Thedeen has the deciding vote in the event of a tie at upcoming meetings (though these are very likely to be uncontroversial given the September guidance).

SFIZ6 96.60/90.75cs vs 96.25/96.15ps, bought the cs for half in 2k (ref 96.38).