Hungary ousts longtime prime minister Viktor Orbán

Hungary has entered a new political era after voters delivered a decisive defeat to long-serving Prime Minister Viktor Orbán in a landmark election. With over half the ballots counted, opposition leader Peter Magyar claimed victory, securing a likely two-thirds majority in parliament. The result, marked by record voter turnout and euphoric celebrations in Budapest, reflects widespread public frustration with stagnant wages, soaring inflation, and entrenched corruption under Orbán’s rule. Magyar’s party, Tysa—symbolizing both respect and freedom and referencing Hungary’s flood-prone second-largest river—has pledged to dismantle the authoritarian structures Orbán built over 16 years, including reforms to the judiciary and media. The victory signals a potential thaw in Hungary’s strained relationship with the European Union, with Magyar promising to unlock 20 billion euros in frozen EU funds and adopt a more cooperative stance on issues like Ukraine. Meanwhile, global oil prices surged above $100 a barrel amid U.S. threats to block Iranian ports, escalating tensions in the Strait of Hormuz. This geopolitical volatility, combined with conflict in Venezuela, has fueled record trading volumes on Wall Street, setting up one of the strongest quarters in banking history. Despite concerns about future dealmaking if conflict persists, banks are expected to report stellar results, particularly in trading and investment banking, though scrutiny will focus on private credit exposure and credit quality. In tech, Meta is developing a photorealistic AI avatar of Mark Zuckerberg to assist employees, signaling a pivot from the metaverse to AI-driven virtual presence.