Trader sentiment for Eurovision 2026's First Semi-Final remains highly speculative, as no participating songs or artists have been confirmed by the 37 expected national broadcasters. The host nation—and thus semi-final structure—hinges on the winner of the 2025 contest in Basel, Switzerland (May 13-17), with qualifiers advancing to the grand final alongside the "Big Five" and host. National selection seasons kick off soon, with early announcements from powerhouses like Sweden (Melodifestivalen) and Ukraine potentially setting early frontrunners based on historical voting patterns favoring catchy pop and strong staging. Watch for EBU confirmations on dates (likely early May 2026) and artist reveals starting January, as diaspora voting and televote surges often propel dark horses through semis. Markets reflect this nascent stage, with liquidity building ahead of selection momentum.