Defence Procurement: The UK has become the first European NATO member to place contracts for low-cost drone-swarm air defence interceptors under its LCADE programme, aiming to scale by 2027 without draining expensive missile stocks. Ukraine Strike Drones: Germany is financing the purchase of 50,000 Ukrainian-built Shrike FPV drones (about €90m), with deliveries continuing through 2026 to help in jammed frontline conditions. Trade & Investment: Switzerland and Britain have concluded talks on a modernised free trade deal covering services, investment, mobility and digital trade, with financial services and procurement also in scope. EU Recovery Funding: The European Commission approved a €120m Recovery and Resilience Facility payment for Cyprus after milestones on healthcare, education, public administration, business conditions and greener transition. Hungary Policy & Markets: Hungary’s parliament passed a constitutional amendment removing President Tamas Sulyok and adding judicial reforms, a new financial-abuse office and a 12-year term limit for lawmakers. Crypto Regulation: Luxembourg’s CSSF granted Ripple full MiCA CASP authorisation as the July 1 transitional deadline ends for other crypto firms serving EEA clients. Digital Euro: EU lawmakers begin negotiations on digital euro rules, targeting a final law by year-end and a potential launch after a pilot phase. Energy & Markets: Oil jumped on US-Iran attacks, feeding inflation worries and weighing on European equities as tech sold off.