[UBS's CEO just flagged](https://www.cnbc.com/2026/10/06/france-debt-crisis-ubs-ermotti.html) that France's debt spiral requires "hard measures"—which is how central bankers say 'this contagion is real.' The problem for US equities: every Eurozone crisis rekinddles the same trade—duration gets crushed, yield curves steepen unevenly, and the 10Y-2Y spread that was supposed to drive bank NIM expansion instead becomes a source of earnings volatility. UNH posted $112.0B in quarterly revenue with a

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