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, TUE., OCT. 6, 2026No. 2 · 6:00 p.m. CEST6 p.m. CEST
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Federal Council · SVPSource ✓ Press release, SVP canton of Schwyz · Press ✓ 4 outlets

The race for Parmelin’s seat begins. The Schwyz SVP puts forward cantonal councillor André Rüegsegger

Four days after the Federal President’s resignation, the SVP has its first name. Parmelin himself had floated three women. The election is on December 9.

The SVP of the canton of Schwyz wants to put forward cantonal councillor André Rüegsegger as successor to Federal Councillor Guy Parmelin. The cantonal party announced this on Tuesday; Tages-Anzeiger, Der Bund, NZZ and nau.ch report in agreement. Rüegsegger has sat in the Schwyz government since 2012. Until now he had not been seen as a favorite. The party justifies the choice by saying he has the stature for the federal government and is of the “ideal age.” Geography is another argument: the canton of Schwyz has never had a member of the Federal Council. Whether Rüegsegger will run, he still has to confirm himself after talks with the party; according to reports, he did not want to comment before those talks. On Friday, at a hastily convened press conference, Parmelin announced his resignation effective the end of 2026. The native of Vaud has been on the Federal Council since 2016 and is Federal President this year. This week he is on a state visit to India.

Parmelin himself has opened up the field. He named National Councillor and party vice-president Céline Amaudruz, Councillor of States Esther Friedli and Zurich’s health director Natalie Rickli as possible candidates. He told the Tages-Anzeiger that as soon as a woman is involved, prejudice appears. The SVP has never brought a woman onto the Federal Council. As of Tuesday evening, none of the three had officially confirmed a candidacy. The constellation has its pitfalls. The Tages-Anzeiger points out that Toni Brunner sits on the party’s search committee while his partner Esther Friedli is seen as the favorite. The NZZ writes that if the cantonal councillor wants to go to the Federal Council, that becomes a risk for the SVP. The timetable is set: the search committee accepts candidacies until October 23. The parliamentary group then decides on its ticket. The United Federal Assembly elects on December 9. Until then the other parties will examine the candidates, as with every vacancy. In the end, whoever finds a majority in parliament is elected, not whoever the party prefers. The succession also raises the question of which department becomes free. Parmelin heads the Economic Affairs Department. After an election the Federal Council redistributes the departments, and incumbents can switch. That the SVP keeps the seat is taken for granted: under the magic formula, the three largest parties hold two seats each and the fourth-largest one, and the SVP is the strongest party in parliament. Only who remains open. History counsels caution. The Federal Assembly is not bound to a parliamentary group’s ticket and has several times elected people their party had not put forward. That is why parliamentary groups look for candidates who can also win votes from the political competition. For the SVP this means: someone popular with its own base does not automatically find a majority in parliament. The next two weeks will show whether more names come forward and whether one of the three women named will run.

Open the story and DailyDrop’s take
By the numbers
Oct. 23Deadline for candidacies at the SVP search committee
Dec. 9Election by the United Federal Assembly
0SVP women on the Federal Council so far
Labor marketSource ✓ Seco · Press ✓ 4 outlets

Unemployment rate holds at 3.0 percent. But there are 7247 more unemployed than a year ago

The State Secretariat for Economic Affairs (Seco) reports an unchanged unemployment rate of 3.0 percent for September. At the regional job centers, 140,480 people were registered as unemployed, 1064 fewer than in August. Compared with the same month a year earlier, however, that is 7247 more, a rise of 5.4 percent. The rate stayed at 3.1 percent, seasonally adjusted. Youth unemployment fell to 3.3 percent; for those aged 50 to 64 the rate was 2.6 percent. The rate of job seekers was 4.8 percent. Seco speaks of further stabilization and expects an average rate of 3.1 percent for 2026. The “Finanz und Wirtschaft” cautions that it is too early for a turnaround. In the canton of Zurich the rate stayed stable, according to the Tages-Anzeiger, but hospitality and retail are struggling. The figures fit a picture that has held for months: the Swiss economy is growing, but only modestly, and the strong franc weighs on export industries. A slight decline in September is also usual for the season, because construction and tourism still need staff. The comparison with the previous year is therefore more telling.

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Word of the day
Seasonally adjustedStatistics

A figure from which the usual swings of the year have been removed, such as more unemployed in construction in winter. This makes it possible to compare months with one another.

Markets · FrancSource ✓ SIX close (AWP/FuW), ECB reference rates · Press ✓ 3 outlets

SMI rises 0.62 percent to 13,788 points. The bond market calms somewhat

The Swiss Market Index closed on Tuesday at 13,788.93 points, 0.62 percent higher than on Monday. Stock markets in Europe recovered because the bond market calmed slightly: Germany’s Dax rose 0.77 percent, the Euro Stoxx 50 by 0.48 percent. In New York, the S&P 500 and the Nasdaq 100 had reached new record highs the previous evening; the S&P 500 closed on Monday at 7,773.80 points.

The ECB set the euro at $1.1269 and CHF 0.9359, after $1.1204 on Monday. The dollar thus cost roughly CHF 0.8305 on paper. The recovery is fragile. The NZZ writes that investors’ distrust of France is great and that Paris could become the center of a new euro crisis. For Switzerland that would mean: more demand for francs as a safe haven and thus more pressure on export industry. Oil got slightly cheaper; WTI closed on Monday at $89.43. Among individual stocks in Germany, technology shares gained while defense stocks gave way. For Swiss investors the picture remains mixed: the big pharma stocks support the index, while cyclical industrial stocks depend on the economy in Europe.

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France · EducationPress ✓ 6 outlets · Participation figures differ by source

Student protests in France escalate. In Valais, police warn young people against copycat action

In France, hundreds of thousands of students took to the streets again on Tuesday. The Interior Ministry counted 256,000 demonstrators, the Tages-Anzeiger speaks of 200,000, the unions gave 450,000. Police used tear gas, including against minors. The young people complain about teacher shortages, full classes and dilapidated school buildings. Since the protests began there have been more than 5000 arrests, according to the Justice Ministry. President Macron summoned Prime Minister Sébastien Lecornu and the ministers responsible to a crisis meeting at the Élysée. Over the weekend a police grenade tore off the hand of a 15-year-old, as the Tages-Anzeiger reported; a police officer was charged. The Education Ministry counted 891 high schools with canceled classes. Lecornu announced an address for Wednesday evening.

The movement is spilling over into Switzerland. In Valais, calls for student protests are circulating. The cantonal police warned young people of penalties, which drew criticism according to SRF; the Tages-Anzeiger reports that police are threatening consequences. All that is known so far is the warning, not whether and where protests will actually take place.

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Security · EuropeSource ✓ Federal Prosecutor General (cited) · Press ✓ 5 outlets

The man who knew Germany’s secrets: ex-BND chief Hanning under suspicion of espionage

Investigators of the German Federal Criminal Police Office arrested August Hanning on Tuesday morning; he was president of the Federal Intelligence Service from 1998 to 2005. His former chief of staff was also arrested. The Federal Prosecutor General is investigating, among other things, on suspicion of treasonous spying. According to the Federal Prosecutor’s Office, the chief of staff allegedly procured almost 2000 documents for Hanning between 2010 and 2022, which Hanning used in his private consulting work.

The Tages-Anzeiger and NZZ report on the arrest, German media at length. The investigators do not say for which country information may have been intended. In one case, Hanning allegedly used the documents to prepare an analysis for an employee of a foreign security apparatus; whether it reached the addressee could not be established, according to the investigators. The authorities got onto the trail through finds from a search in Hamburg in September 2025 in another case. After his time at the BND, Hanning was state secretary in the Interior Ministry until 2009 and then worked as a consultant. The presumption of innocence applies; no charges have been filed.

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In brief
  • S&P 500 and Nasdaq 100 close at a record high on MondayHandelsblatt · dpa-AFX
  • Cristiano Ronaldo accuses Portugal’s coach of breaking his word and wants to keep playingSRF · Tages-Anzeiger
  • The U21 national team loses in European Championship qualifying in France; qualifying for the 2027 Euros becomes difficultSRF · Tages-Anzeiger
  • German industrial orders slump 10.6 percent in August because of missing large ordersDestatis · Handelsblatt
  • Paramount completes its takeover of Warner Bros. Discovery, about $110 billion including debtHandelsblatt · Spiegel
  • Seco: job seeker rate at 4.8 percentSeco · FuW
Seven minutes every evening, one front page — see About

Unverified — what we could not confirm

“Rüegsegger is the SVP’s candidate.” Not yet. He is a proposal from the cantonal party. The search committee collects names until October 23, after which the parliamentary group decides.
“Beat Jans takes over the Economic Affairs Department.” Unconfirmed. The Tages-Anzeiger reports that business and the FDP are resisting such a switch. The Federal Council distributes the departments only after the election.
“Unemployment is falling again.” The number of unemployed fell by 1064 from the previous month, but the rate stayed at 3.0 percent. Compared with a year ago, it is 5.4 percent higher.
Glossary · dotted words — economics, law, security and science terms explained in the context of the story. The list grows every day.
INSIDEThe race for Parmelin’s seat begins. The Schwyz SVP puts forward cantonal councillor André RüegseggerFederal Council · SVPUnemployment rate holds at 3.0 percent. But there are 7247 more unemployed than a year agoLabor marketSMI rises 0.62 percent to 13,788 points. The bond market calms somewhatMarkets · FrancStudent protests in France escalate. In Valais, police warn young people against copycat actionFrance · EducationThe man who knew Germany’s secrets: ex-BND chief Hanning under suspicion of espionageSecurity · Europe