Credit Agricole CIB Research previews next week's ECB October policy meeting.

"We do not expect the ECB to hike in October; we expect it to hike in December to 2.75% and in March 2027 to 3.00%, as we explained in our previous paper," CACIB notes.

"The ECB will very likely remain non-committal, in a data-dependent, meeting-by-meeting mode. In this context, the market action could be highly uncertain, as it was at the September press conference. However, the recent pricing seems more reasonable than it used to be. 

The topic of France will likely be discussed during the Q&A. We expect Christine Lagarde to be ready to answer questions in a way that will avoid rattling markets," CACIB adds.