Aleksandar Vučić’s September 27 resignation as president, followed by his nomination to lead the Serbian Progressive Party’s “United Serbia” list in the October 25 snap parliamentary election, has anchored trader sentiment around his prospects for returning as prime minister. The move circumvents constitutional term limits on the presidency while channeling the ruling party’s organizational strength and recent polling leads into the prime ministerial role. A competitive Student List, formed by the protest movement that began after the 2024 Novi Sad canopy collapse, has placed Ilija Srdanović as its candidate and narrowed the gap in some surveys, introducing uncertainty about whether SNS can secure a majority. Other figures, including acting president Ana Brnabić and opposition leaders such as Ivica Dačić, register minimal probabilities, reflecting limited independent paths to the post absent a fragmented result or coalition realignment after the vote.