Hungarian

Viktor Orban resigns seat in Hungarian parliament

Former Prime Minister of Hungary Viktor Orban, pictured at a meeting at the White House in November 2025, on Saturday announced that he will step down from the Hungarian parliament to focus on rebuilding his party after its landslide defeat in recent elections. File Photo by Aaron Schwartz/UPI | License Photo

April 25 (UPI) — Former Hungarian Prime Minister Viktor Orban on Saturday said he will give up his seat in Parliament to focus on rebuilding his Fidesz-KDNP party after its election losses two weeks ago.

Orban said that he is leaving the parliament to focus on rebuilding the far-right, Russia-aligned party after it secured only 55 seats in Hungary’s parliament in elections on April 12, Politico and The New York Times reported.

Peter Magyar’s Tisza party won 138 of the parliament’s 199 seats in a landslide victory ending 16 years of Orban running the country.

“I am needed not in Parliament but in the organization of the patriotic movement,” Orban said in a video message posted on social media.

“Discussions are in full swing about renewing the patriotic camp, strengthening our parliamentary group and protecting our communities,” he said.

Magyar will take over as prime minister on May 9 and, because Tisza has more than two-thirds of the parliament’s seats, he can undue some of the actions Orban took during his rule, which included cracking down on the media and a host of democratic institutions.

Orban, who was in Hungary’s parliament since 1990 and prime minister since 2010, said he plans to remain in charge of Fidesz and will seek re-election in June to keep the job.

President Donald Trump speaks during a Health Care Affordability event in the Oval Office at the White House on Thursday. Trump announced announced a new drug price deal with Regeneron. Photo by Will Oliver/UPI | License Photo

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Election loss for Hungarian Prime Minister Orbán has ripple effects for Trump, U.S. conservatives

The big election over the weekend was in a small European country nearly half a world away from Washington, but the defeat of Hungarian Prime Minister Viktor Orbán has significant reverberations in the United States.

That’s because President Trump and many U.S. conservatives have long embraced Orbán, who has become an icon among the global right for his anti-immigrant stance. The American president’s agenda has striking parallels with the way the Hungarian leader used the levers of government to tilt the media, judiciary and electoral system to keep his party in power for 16 years.

Trump supported Orbán’s reelection bid and even dispatched Vice President JD Vance to Budapest last week — in the midst of the Iran war — to stump for the incumbent.

Orbán’s loss was a reminder of how the war has diminished Trump’s ability to help allied politicians overseas, as well as of the limited ability of leaders to use their power to tilt voting in their direction in an age of worldwide discontent over incumbents of all ideological stripes.

“Oppositions can win despite a tilted playing field,” said Steven Levitsky, a politics professor at Harvard and coauthor of the book “How Democracies Die.” “Democracies are facing many challenges in many parts of the world, but so are autocracies.”

Orbán’s defeat has immediate global implications because he was the European leader closest to Russian President Vladimir Putin and had blocked European Union aid to Ukraine, which is defending itself after Russian’s 2022 invasion.

His fall was celebrated on Sunday by both Democrats and Republicans, some of whom criticized their own administration for such overt support for the Hungarian leader.

“Don’t fiddle-paddle in other democracies’ elections,” Republican Rep. Don Bacon of Nebraska said on the social media site X.

“The freedom-loving people of Hungary have voted decisively in favor of democracy and the rule of law,” posted Republican Sen. Roger Wicker of Mississippi.

Matt Schlapp, chairman of the American Conservative Union, is part of the wing of the American right that embraced Orbán. The Conservative Political Action Conference, which Schlapp’s group hosts, held its first European session in Budapest and has made Hungary a regular destination.

Orbán was a featured speaker at the group’s conference in Dallas in 2022.

Schlapp said there’s an easy explanation for Orbán’s loss.

“Eventually, democracies just want change,” he said. “In democracies, you don’t have kings, and the people in the end speak.”

“The people of Hungary were saying, ‘We’re having a difficult time with inflation, the economy and the war. Let’s try the new guy,’” Schlapp said, noting that he backs Trump’s Iran war but the turmoil it’s created, especially in European energy markets, hurt Orbán.

Diana Sosoaca, a far-right member of the European Parliament from Romania, on Sunday called Vance’s Hungarian visit “a big mistake” given widespread revulsion at the Iran war on the continent.

“You invite a representative of the United States of America, who created the big disorder in this world?” Sosoaca said in an interview posted by the Kremlin-controlled network RT, formerly known as Russia Today. “It was the biggest mistake he could do before the elections.”

How Orbán consolidated power

An anti-communist activist in his youth, Orbán was initially elected prime minister in 1998 but took a turn to the right after being voted out in 2002. Upon returning to office in 2010, Orbán and his Fidesz party implemented a legal framework to consolidate authority that he and his allies developed while he was out of power.

Orbán embraced what he dubbed “illiberal democracy,” building a barrier on Hungary’s southern border to block migrants from Africa and Asia who were moving northward through Europe. He and his party stifled LGBTQ+ rights, cracked down on freedom of the press and undermined judicial independence.

Orbán cemented his power when his Fidesz party won enough seats in Parliament during the 2010 global recession to rewrite the country’s constitution. They restructured the judiciary to funnel appointments to the bench through party loyalists, redrew legislative districts to make it much harder for Fidesz members to lose elections and helped push Hungary’s media companies to be sold to tycoons allied with Orban.

The European Union has declared Hungary an “electoral autocracy.”

Orbán backers have scoffed at suggestions that the Hungarian leader is an enemy of democracy, and on Sunday he quickly conceded his loss. Democrats have worried that Trump will try to use his own executive power to tilt November’s midterm elections or the 2028 presidential vote to his party, much as Trump tried to use his official powers to overturn Democrat Joe Biden’s win in the 2020 presidential election.

“Most importantly for American voters, even a guy who rigs the system can be defeated when the people unite and turn out against him,” said Ian Bassin of Protect Democracy, a nonpartisan group that says it combats authoritarianism.

Democrats weigh in

Democratic Rep. Ro Khanna of California took the opportunity to jab at Vance: “Your ally Orban conceded. In 2028, will you @JDVance follow suit if you lose?” he posted on X.

Levitsky said defenders of democracy shouldn’t take too much comfort from Orbán’s loss, noting that in some ways Trump has been more oppressive. He cited Trump’s use of the Justice Department to investigate political opponents and the shooting deaths of protesters by immigration officers — steps that Orban’s government never took, Levitsky said.

But Sen. Chris Van Hollen, a Maryland Democrat, said he sees parallels between Trump’s and Orban’s political projects, as well as the potential fate of their parties at the polls.

“He was essentially doing what Donald Trump is trying to do here in the United States,” Van Hollen said of Orban. “My read of the election is that the people of Hungary rejected that, just like people in the United States are rejecting that here at home.”

Trump made no public comments Sunday about the election results in Hungary.

Riccardi and Brown write for the Associated Press. Riccardi reported from Denver.

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The forint verdict: How investors are reacting to a landslide Hungarian opposition victory

The Budapest Stock Exchange jumped over 3% to a record high of more than 136,000 points on Monday as markets priced in the end of 16 years of Viktor Orbán’s time in power and the potential return of Hungary to a more mainstream European path.


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Increased investor appetite pushed the country’s largest listed companies, including OTP Bank, MOL, Richter, and Magyar Telekom to gain between 2%-5% by 1 p.m. CET.

The move contrasts with broader European markets, which are trading lower, digesting the failure of US-Iran negotiations over the weekend with no indication of further talks.

At the election on Sunday, Péter Magyar’s Tisza party secured 138 seats in the 199-seat Hungarian parliament, securing a supermajority and fuelling expectations of a seismic shift in the country’s politics.

Magyar, a former Orbán ally turned fierce critic, has promised to restore democratic checks and balances and unlock €17 billion in EU funds frozen over democratic backsliding under Orbán’s government.

This could be accompanied by access to low-cost loans for defence and infrastructure, fuelling the fragile growth of the Hungarian economy.

Speaking to Euronews, Timothy Ash, a senior emerging markets strategist at RBC Global Asset Management, explained that “the market is reacting to a combination of uncertainty dissipating, as there was a real concern of election results being contested, and renewed optimism for policy changes that should align Europe”.

“Magyar will need better relations with the EU. There are lots of structural funds that will probably get released, and the market knows the economic policy team well,” he added.

Ash also said that the likely pick of András Kármán as the new finance minister, “a very credible person,” will further stabilise the country’s near-term growth.

Kármán is currently Tisza’s economic advisor and previously served as a member of the board of directors at the European Bank for Reconstruction and Development (EBRD).

Investors appear to view the result as removing a long-standing political risk premium that had weighed on Hungarian assets.

The two-thirds parliamentary majority secured by Tisza will allow swift legislative changes, including the potential removal of sector-specific windfall taxes that had squeezed banks, energy firms and retailers.

Morgan Stanley and other analysts have noted that such a shift could lift Hungary’s GDP growth potential by 1 to 1.5% in the coming years through higher investment and restored EU transfers.

Hungarian currency strengthens on reform optimism

The Hungarian currency joined the rally, climbing to its strongest level against the euro in more than four years.

The EUR/HUF rate fell to 366.64, its lowest since April 2022, while the forint also gained sharply against the US dollar.

Market observers attribute the currency’s strength to expectations of reduced political uncertainty and renewed foreign capital inflows once EU funds resume.

However, Ash explained to Euronews that “Hungary has a very high real rate compared to, say, Poland. I think the central bank has maintained very high real rates because of political risk”.

“They were very concerned about maybe the currency weakening around elections, but are very eager to have a stable currency.”

Last month, the National Bank of Hungary held its benchmark rate at 6.25%, whereas in Poland, for example, it is currently steady at 3.75%.

“Maybe we’ll see a normalisation of real rates in Hungary towards [those closer to] Poland, and that means rate cuts, probably. Investors will likely focus on rates more than the currency as Hungary will also need economic stimulus to catalyse growth,” Ash added.

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Oil jumps above $100 after failed peace talks, forint surges after the Hungarian election results

Markets face a sobering Monday after weekend optimism over a peace talks breakthrough faded. Investors are bracing for a high-impact week shaped by geopolitics, inflation data and the start of earnings season.


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Oil prices resumed their climb, with international benchmark Brent crude and the US benchmark WTI trading above $100 a barrel. On Monday morning in Europe, Brent front-month futures were up 7%, trading at nearly $102 a barrel, while WTI gained nearly 8% and surged to $104.

This comes as the US military prepares to blockade ships entering or leaving the Strait of Hormuz, where much of the shipping has been disrupted by Iran since the start of the war.

US President Donald Trump announced the planned blockade after US-Iran ceasefire talks in Pakistan ended without agreement. The military said the blockade covering all Iranian ports would begin Monday at 10 am CET (5:30 pm local time in Iran).

Oil prices have been climbing as shipping through the Strait has essentially stalled since late February. Brent crude has risen from roughly $70 a barrel before the war to more than $119 at times.

“Markets have seen a clear risk-off move this morning,” a Deutsche Bank Research analysts said in a note, adding that “the mood has shifted negatively once again.

“Oil prices have revived fears of a stagflationary shock, with equities and bonds losing ground globally.

Hungarian election and the forint

The Hungarian forint took the spotlight in currency trading after Péter Magyar and his Tisza Party won a landslide election, ending the 16-year rule of Viktor Orbán’s Fidesz party.

The euro was trading at 366.18 forints before European markets opened on Monday, a sharp drop from 377.56 late Sunday. The Hungarian stock index rose 2.85% on Monday morning, bucking the negative sentiment weighing on markets across the bloc.

Investors see Magyar’s Tisza Party pushing Hungary in a more pro-EU direction, with a higher likelihood of restoring rule-of-law alignment and closer cooperation with Brussels.

Elsewhere in currency markets, the euro weakened against the dollar to $1.1692 in European morning trading. The British pound also fell against the dollar, down 0.3% at $1.3416.

Stock markets face a turbulent session

Stock markets in Europe opened in negative territory, with London’s FTSE 100 opening down 0.4%, the DAX in Frankfurt falling 1%, and Paris’s CAC 40 down nearly 0.9%.

Stock markets were also down in Asia on Monday. Japan’s benchmark Nikkei 225 lost 1.0% in morning trading to 56,357.40. Australia’s S&P/ASX 200 shed 0.5% to 8,913.50. South Korea’s Kospi dipped 1.1% to 5,795.15. Hong Kong’s Hang Seng slipped nearly 1.5% to 25,513.42, while the Shanghai Composite fell 0.2% to 3,976.57.

Analysts said global trading was expected to remain turbulent for some time.

“The outcome of the talks was not really what people were hoping for, that’s for certain,” Neil Newman, Managing Director and Head of Strategy at Astris Advisory Japan, said in Hong Kong.

“As we stand here at the moment, it doesn’t look very nice. Certainly, the oil prices are a big concern.”

Wall Street ended last week with a second weekly gain in a row. The S&P 500 inched 0.1% lower on Friday after a day of choppy trading.

The Dow Jones Industrial Average fell 0.6% and the Nasdaq Composite rose 0.4%. But those gains came amid optimism over weekend peace talks in Pakistan that was later shattered by subsequent developments.

The yield on the 10-year Treasury climbed to 4.32% last Friday from 4.29% late Thursday.

In currency trading, the US dollar gained to 159.74 Japanese yen from 159.25 yen. The euro cost $1.1687, down from $1.1729.

What markets are watching this week

Markets are entering a busy week, with all eyes still on developments around the Strait of Hormuz and the broader implications of the Iran conflict.

In the US, investors are watching the first major wave of corporate earnings reports, including those of big banks and tech companies, with JPMorgan, Goldman Sachs and Bank of America, ASML and TSMC reporting this week.

This is set against a backdrop of key US inflation and producer price data, as well as jobless claims. These figures are critical for gauging whether the Federal Reserve is moving closer to rate cuts.

Meanwhile, the IMF–World Bank Spring Meetings in Washington begin this week.

The latest World Economic Outlook from the IMF, out on Tuesday, will also be of interest, and could offer further insight into how these institutions are assessing the global economy’s resilience amid geopolitical tensions in the Middle East.

In Europe, investors are focused on PMI and industrial activity data, which will provide insight into whether the eurozone economy is stabilising or still struggling with weak demand.

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Hungarian election: BBC reports from Budapest as Orbán concedes

Prime Minister Viktor Orbán has conceded defeat in the Hungarian election after 16 years in power, with the opposition on course for a landslide win.

Péter Magyar is set to be the country’s new prime minister, after record numbers turned out for an election which was seen as pivotal to the future of Hungary and Europe.

With two thirds of the votes counted, Magyar’s party is set to win a massive majority in parliament. Vote counting will continue in the coming days.

The BBC’s Rajini Vaidyanathan broadcasts from outside Hungary’s parliament as crowds hear about the prime minister’s concession.

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