HUNGARY: BBG-Opposition Leader Magyar Accuses Russia Of Election Interference
Aug-14 14:29
Main opposition Tisza party leader Peter Magyar has accused Russia of seeking to meddle in the next parliamentary election (due by April 2026) in favour of incumbent PM Viktor Orban. Magyar's accusation comes after the Russian intelligence services published a statement that claimed Magyar "is loyal to the globalist elites," and that the European Commission "plan is to bring him to power in the parliamentary elections in the spring of 2026, "or maybe even earlier."
Following the publication of the statement, Hungarian Foreign Minister Peter Szijjarto echoed Moscow's comments, saying the statement contained "nothing new" and that the EU wants "a government that serves their interests, refrains from criticising Brussels’ ambitions, and contributes to its building an empire".
Nationwide opinion polling shows a two-way battle between PM Viktor Orban's right-wing populist Fidesz-KDNP alliance and Magyar's centre-right pro-EU Tisza Party. Fidesz's support has fallen from 54.1% in the 2022 election to ~36-38% at present, while Tisza sits around 40-45% support.
Sustained accusations from the opposition of Russian interference as the election approaches could garner significant international interest, as well as EU action seeking to ensure free and fair elections. This in turn could spark a greater backlash from Fidesz, accusing the EU of being the foreign body interfering.
Chart 1. General Election Opinion Polling, % and 6-Poll Moving Average
5,000 SFRU5 95.25/95.75 put spds, 3.5 ref 95.815 at 1019:52ET
EGB OPTIONS: RXU5 128/127/126/125 Put Condor Sold
Jul-15 14:24
RXU5 128/127/126/125 put condor 7K given at 13/12.
BONDS: U.S. Long End BEIs Hit Multi-Month Highs After CPI
Jul-15 14:24
Newswire headlines note that U.S. 10- & 30-YEar BEIs have hit the highest levels seen since Fenruary.
As noted in our recent gilt bullet, tariff passthrough signals in the U.S. CPI M/M readings (specifically in the core goods readings) made for an eventual hawkish move in the wake of the data, weighing on wider core global FI markets.