diff --git a/backend/routers/instruments_watchlist.py b/backend/routers/instruments_watchlist.py
index ca92c2d..8476f15 100644
--- a/backend/routers/instruments_watchlist.py
+++ b/backend/routers/instruments_watchlist.py
@@ -38,7 +38,9 @@ def _saxo_quote(saxo_symbol: str) -> Optional[dict]:
     try:
         return get_saxo_quote_with_volatility(saxo_symbol, asset_type)
     except Exception as e:
-        logger.info(f"[watchlist/quotes] Saxo quote failed for '{saxo_symbol}' ({asset_type}), falling back to yfinance: {e}")
+        # WARNING, not INFO — the System Logs page only captures WARNING+ (confirmed
+        # 2026-07-23: an earlier INFO-level version of this message never showed up there).
+        logger.warning(f"[watchlist/quotes] Saxo quote failed for '{saxo_symbol}' ({asset_type}), falling back to yfinance: {e}")
         return None