Swissquote Crypto Shock: Swissquote cut full-year guidance after 1H crypto net income fell 66% to CHF 14.6m, with crypto trading volume down 63.5% and shares sliding. Gold Outlook: UBS says gold could challenge $5,000/oz in H1 2027 as real rates fall, the USD softens and sovereign demand stays strong. Swiss Markets: The SMI edged higher while Swiss producer prices fell again, keeping the macro tone mixed. Banking & Crypto Flows: UBS tripled its iShares Bitcoin Trust stake to about $90m (2.5m shares), signaling growing institutional appetite. Energy Security: Energocom says it has contracted 76% of gas needs for 2026–27 and fully bought the Oct–Mar volume, with pricing linked to TTF. Swiss Pharma Access: Interpharma warns MFN rules are worsening medicines access. Regulation Watch: Swiss Re and SAS partner on AI-driven risk intelligence for insurers. Immigration Rules: Switzerland set out conditions for extending residency permits after divorce/separation or a partner’s death. Corporate Compliance: BAE Systems faces a $36m penalty after 104 US arms export rule violations. Health Trials: ADC Therapeutics says the FDA has “substantial concerns” over a lymphoma trial, complicating its approval path. Workplace Incident: Gunvor Energy’s Rotterdam site explosion killed one and injured six during tank maintenance. Culture & Economy: Switzerland selected Nicolas Wadimoff’s Gaza-focused documentary “Who Is Still Alive” for the Oscars.