Friedrich Merz leads a CDU/CSU-SPD coalition government formed after the 2025 federal election, with the next scheduled Bundestag vote due in 2029. This timeline and the absence of a successful no-confidence motion or coalition collapse underpin the 66.5% market price on no change in the chancellorship before 2028. Trader assessments of potential successors such as Hendrik Wüst and Markus Söder draw from state-level polling trends and internal party positioning, where Wüst shows broader cross-party appeal in recent surveys while Söder retains visibility within the Union. Speculation over Merz’s standing intensified after AfD gains in 2026 state elections, yet no formal leadership challenge or snap-election trigger has materialized. The lower prices on other listed figures reflect narrower paths to the nomination under current coalition dynamics and party rules.