investors

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.

Published on
06/04/2026 – 15:51 GMT+2

With European markets reopening after the Easter holidays, investors are set to navigate a mix of geopolitical risks and crucial economic data that may shape sentiment over the coming week.

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Attention will focus on Iran’s response to US President Donald Trump’s deadline to reopen the Strait of Hormuz, a critical chokepoint for global oil supplies. Any escalation or de-escalation could quickly affect energy markets, driving oil prices and inflation expectations.

J.P. Morgan noted on Thursday that oil prices could reach as high as $150 a barrel if supply disruptions persist until mid-May.

Beyond geopolitics, inflation data, central bank signals and corporate updates will also draw attention as markets gauge the outlook for the second quarter.

Economic data in focus

The macroeconomic calendar kicks off on Tuesday with the release of eurozone PMI data, a key leading indicator of economic activity. Recent readings have pointed to slowing growth in the bloc, with the composite PMI signalling only marginal expansion amid softening demand and heightened uncertainty.

On Wednesday, investors will examine the latest eurozone retail sales and industrial producer price figures from Eurostat. These will shed light on consumer demand and upstream inflation pressures.

The European data schedule remains relatively light but still significant. Euro area financial accounts will provide additional detail on lending trends, while UK markets stay attuned to labour market and growth signals following recent signs of stagnation.

Focus then shifts to the US, with the release of the Federal Reserve’s latest meeting minutes on Wednesday. These will be scrutinised for hints on policymakers’ views regarding the timing of any potential rate cuts.

Thursday brings key US labour data, including weekly jobless claims, offering further insight into employment conditions.

The week ends with the US consumer price index for March, including the closely watched core CPI reading. A stronger-than-expected figure could dampen hopes for policy easing and spark volatility in global markets, including Europe.

On the corporate side in Europe, activity is limited, although Raiffeisen Bank International’s annual general meeting on Thursday will be watched for any signals on banking sector health and regional credit conditions.

As emerging markets head toward their weakest month in years, some asset managers are moving in the opposite direction and adding to positions.

Firms including TT International and AllianceBernstein are buying beaten-down bonds and currencies, betting that central banks will shift

Caracas, March 25, 2026 (venezuelanalysis.com) – Venezuelan Acting President Delcy Rodríguez has reiterated calls for foreign investment in the Caribbean nation.

Addressing the FII PRIORITY Miami Summit, Rodríguez showcased Venezuela’s economic growth and lauded the investment opportunities in the country’s vast oil, natural gas, gold, and other mineral resources. The Venezuelan leader highlighted the recent pro-business overhaul of the country’s Hydrocarbon Law and other upcoming reforms as key in generating “flexibility,” “guarantees,” and “security” for investors.

“The new Hydrocarbon Law creates important mechanisms for private sector control over production and commercialization,” Rodríguez said in her video message from Caracas. “It also creates flexible fiscal arrangements and establishes alternative conflict-resolution processes such as international arbitration.”

The acting president added that 64 percent of the price of a barrel is up for “negotiations with investors” in terms of reduced royalties and taxes, as well as dividends. 

Approved in late January by the Venezuelan National Assembly, the new Hydrocarbon Law allows the executive to reduce taxes and royalties at its discretion. The reform also grants expanded control to private corporations, curtailing the state’s sovereignty over the industry established under Hugo Chávez under the 2001 Hydrocarbon Law and subsequent reforms.

In her remarks, Rodríguez urged “de-ideologization,” vowing, “regardless of different [political] views, a favorable climate can be created so that investors have the mechanisms so that their investments foster returns.” She added that she has met with representatives from 120 multinational corporations since January. 

“Our reforms are a call for investors to participate,” Rodríguez stated. She went on to press for greater Latin American economic integration and for an end to unilateral sanctions against Venezuela, though she refrained from mentioning the US by name.

The Future Investment Initiative (FII) Institute is a non-profit run by Saudi Arabia’s Public Investment Fund and holds regular conferences bringing together business executives, analysts, and political leaders.

Rodríguez’s participation in the Saudi initiative came amid unprecedented energy market volatility as a result of the US and Israeli war against Iran. In spite of strong Venezuelan ties with Iran over the past 25 years, the Rodríguez administration has not taken a firm stance on the conflict, having published and later withdrawn a controversial statement. Caracas expressed solidarity with Qatar and the UAE after Iran retaliated against US military assets in the region.

The Venezuelan leader’s Wednesday message to investors in Miami followed a meeting with business executives at Miraflores Presidential Palace on Tuesday. The companies represented were not disclosed, though Houston-based oil giant Exxon Mobil has confirmed it has a team in Caracas “looking to assess the state of the resource that’s there.”

Rodríguez delivered a similar pitch hailing Venezuela’s natural resource potential and the prospects for foreign conglomerates opened by ongoing reforms. She appealed for the full lifting of sanctions, arguing that US Treasury licenses hurt investor confidence.

Since January, the Trump administration has issued a number of sanctions waivers allowing Western entities to engage with the Venezuelan energy and mining sectors. The licenses block transactions with companies from China, Cuba, Iran, North Korea, and Russia.

Additionally, the Treasury exemptions mandate that all royalty, tax, and dividend payments destined for Venezuelan state entities be deposited in US-run accounts. Washington currently controls Venezuelan oil proceeds, having returned a reported US $500 million, out of an initial $2 billion agreement, to Caracas.

On Tuesday, Rodríguez likewise announced the imminent departure of a Venezuelan diplomatic mission to Washington. Félix Plasencia, slated to become the country’s ambassador to the US, will lead the delegation.

“Our delegation will manage this new stage of diplomatic relations and dialogue between our two countries,” she affirmed.

Caracas and Washington fast-tracked a diplomatic rapprochement in the wake of the January 3 US attacks against Venezuela and kidnapping of President Nicolás Maduro and First Lady Cilia Flores. The two governments reestablished diplomatic relations in early March after a seven-year hiatus. The Trump administration went on to recognize Rodríguez as Venezuela’s “sole leader” days later.

Rodríguez, who had served as vice president since 2018, assumed the presidency in an acting capacity on January 5 with the endorsement of the Venezuelan National Assembly and Supreme Court, which declared Maduro’s absence as temporary.

Maduro and Flores pleaded not guilty to charges including drug trafficking conspiracy and will have a court hearing on Thursday. US officials have not presented evidence to sustain reiterated “narcoterrorism” accusations against Venezuelan leaders, while data from specialized agencies has found Venezuela to play a marginal role in global narcotics trafficking.

Edited by Lucas Koerner in Fusagasugá, Colombia.

Jury finds that two tweets posted in May 2022 by Musk contained false statements responsible for a plunge in Twitter’s share price.

A federal jury in California has found that tech tycoon Elon Musk misled Twitter shareholders, driving down the company’s share price as he was poised to buy it in a $44bn deal.

The verdict delivered on Friday in the class action securities lawsuit means the world’s richest person could be ordered to pay billions of dollars, according to damages calculated by jurors.

After a three-week trial in a San Francisco federal court – which included in-person testimony from Musk – the jury found that two tweets posted in May 2022 by the Tesla and SpaceX CEO contained false statements responsible for a plunge in Twitter’s share price.

Investor Giuseppe Pampena had filed the suit on behalf of people who sold Twitter shares between mid-May and early October 2022.

Jurors agreed that Musk violated a securities rule that bars false and misleading statements that sink a stock price, in this case that of Twitter, the verdict form showed. A lawyer for the plaintiffs estimated the damages at about $2.6bn.

But the nine-person jury absolved Musk of some fraud allegations, finding that he did not “scheme” to mislead investors.

Minutes after the judgement was announced, lawyers for Musk, who acquired the social media platform in late October 2022 and later renamed it X, said their client will appeal the decision, characterising it as a “setback”.

Musk, who has a near-constant presence on X, did not immediately react to the verdict, which marks a rare legal defeat for the billionaire often dubbed “Teflon Elon” for his ability to emerge unscathed from lawsuits he is expected to lose.

In 2023, a jury in the same San Francisco federal court cleared him within hours of similar charges brought by Tesla shareholders, following his 2018 tweets claiming he had the funding to take the automaker private.

Musk abandoned his effort to get out of buying Twitter in late 2022 after the company took him to court to uphold the contract. He has since merged the social media platform with his artificial intelligence startup xAI and his private space exploration firm SpaceX.

Forbes magazine earlier this month estimated Elon Musk’s net worth at $839bn, a figure based primarily on his stakes in his portfolio of companies including Tesla and SpaceX.