Hungarian voters on Sunday swept Prime Minister Viktor Orbán from office after 16 years in power, handing a stunning victory to pro-European challenger Péter Magyar in an election that is expected to reverberate across the European Union and the global far right.
Magyar Scores Crushing Election Night Upset
With more than 93% of ballots counted, Magyar’s Tisza party was on about 53% to Orbán’s Fidesz at 37%, and looked set to win 94 of Hungary’s 106 districts in a contest marked by record turnout of nearly 80%, according to AP.
Reuters described the result as a crushing blow for Orbán, a close ally of both U.S. President Donald Trump and Russian President Vladimir Putin, who conceded what he called a “painful” defeat. The loss came just days after U.S. Vice President JD Vance visited Hungary in a bid to help Orbán over the finish line, highlighting how closely the race was watched in Washington as well as Brussels and Moscow.
Magyar, a former Orbán insider who built his campaign around corruption, health care and public transport, has pledged to repair ties with the European Union and NATO after years of strain under Orbán.
Orbán’s Fall Shakes Europe’s Far Right
Orbán, the EU’s longest-serving leader and one of its fiercest antagonists, had traveled a long ideological road from anti-Soviet liberal to Russia-friendly nationalist admired by the global far right. He repeatedly frustrated EU efforts to support neighboring Ukraine after Russia’s full-scale invasion, cultivated close ties with Putin and resisted ending Hungary’s dependence on Russian energy imports.
AP also noted that figures in Trump’s “Make America Great Again” movement have long held up Orbán and Fidesz as models of anti-globalist conservative rule, even as critics accused him of eroding liberal democracy, media freedom and the rule of law.
European Markets Yet To React
Top U.S.-listed Europe ETFs for the year saw little to no movement on Friday.
| ETF Name | YTD Returns (%) | Total Assets ($MM) | Closing Price (Friday) |
|---|---|---|---|
| iShares MSCI Norway ETF (ENOR) | 28.20 | 109.76 | $37.07 |
| Global X MSCI Norway ETF (NORW) | 26.91 | 154.83 | $38.34 |
| iShares MSCI Poland ETF (EPOL) | 11.75 | 581.52 | $39.29 |
| VanEck Oil Refiners ETF (CRAK) | 26.46 | 132.13 | $47.46 |
| ALPS Emerging Sector Dividend Dogs ETF (EDOG) | 7.11 | 27.31 | $25.86 |
Photo Courtesy: Alexandros Michailidis on Shutterstock.com
Recent Comments