Magyar sworn in as Hungary's prime minister, ending Orban's 16-year rule
Opposition leader Peter Magyar was sworn in on Saturday as Hungary's prime minister, ending Viktor Orban's sixteen years in power and pledging to mend ties with Brussels.
Magyar told the Budapest parliament after taking the oath: 'We will rebuild the rule of law, and channel European funds to our farmers and our schools.' His Tisza party's victory over Fidesz in April elections marks a notable shift in central European politics.
The forint strengthened 0.7% against the euro to 391 on the news. European Commission President Ursula von der Leyen sent congratulations and announced that the 22 billion euros in suspended cohesion funds would be reviewed.
In a brief handover statement, Orban said the 'Hungarian people made their choice; we will remain a strong opposition.' The new government's first cabinet meeting is scheduled for Monday, with former ambassador Andras Simonyi tipped as foreign minister.
More from Europe
Turkey's SPK Extends Borsa Istanbul Short-Selling Ban Through 26 May
Turkey's capital-markets regulator extended its ban on short selling on Borsa Istanbul equities to the close of trading on 26 May 2026. The decision lands in a week marked by choppy trading on the BIST 100 and persistent geopolitical pressure from the Iran war.
Goldman Sachs Lifts Yuan Forecast on China's Export Strength
Goldman Sachs has raised its 12-month yuan forecast after China's April export data came in well above estimates. Strategists cited the prospect of partial tariff relief at the upcoming Trump-Xi summit and flagged downward pressure on the euro.
CBRT April Inflation Assessment: Annual inflation rises to 32.37 percent
The Turkish Central Bank released its April inflation assessment, showing consumer prices rose 4.18 percent month-on-month, while annual inflation climbed to 32.37 percent—up 1.50 percentage points. Energy prices surged 14.4 percent, with the underlying trend moving higher.