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Vance ‘sad Orbán lost’ but says US will work with new Magyar government in Hungary – Europe live | World news
Morning opening: JD Vance ‘sad that Orbán lost,’ but will work with new Magyar government
Jakub Krupa
Hungarian election winner Péter Magyar has been invited to meet with the Hungarian president, Tamás Sulyok, on Wednesday to discuss the government-formation process following the stunning win over Viktor Orbán in Sunday’s election.
The meeting could be a bit awkward, given Magyar’s repeated calls for Sulyok, an Orbán loyalist, to resign from the office.
“He was appointed to sign everything; every document that he is presented with – whether it’s the menu or the constitution or the laws – so we don’t need people like that. To me, he is not the president,” he said yesterday.
Erm, nice weather, Mr President, huh?
Speaking of presidents, we finally heard from the US vice-president JD Vance overnight as he defended his decision to travel to Budapest last week to interfere with the Hungarian election support Orbán in the final days of the campaign.
Appearing on Fox News, he said he was “said that [Orbán] lost,” but insisted the intervention “was not about Russia, and fundamentally, it was not about Europe,” merely a sign of thanks from the US administration for defending its interests against the EU bureaucracy.
“He’s one of the few European leaders we’ve seen who’s been willing to stand up to the bureaucracy in Brussels that has been very, very bad for the United States. So for example, when you see a European bureaucrat go after an American company, sometimes the only vote ‘no,’ the only vote to protect that American interest, has been Viktor Orbán.”
Vance added that the White House “certainly knew there was a very good chance that Viktor would lose that election,” but he wanted to “stand behind a person who had stood by us for a very long time.”
He also insisted that Orbán “is a great guy who’s done a very good job,” before adding:
“I think that his legacy in Hungary is transformational, 16 years, fundamentally changing that country.”
Well, hard to disagree with that.
But in a sign that will be reassuring to the incoming Magyar administration, however, he declared that “we will work very well, I am sure, with the new prime minister of Hungary.”
I will bring you more reactions and news from across Europe during the day.
It’s Tuesday, 14 April 2026, it’s Jakub Krupa here, and this is Europe Live.
Good morning.
Key events
Magyar set to make rare appearance on ‘propaganda’ state media on Wednesday
Hungarian election winner Péter Magyar is set to appear on the Hungarian state media on Wednesday as he prepares to overhaul the broadcasters he repeatedly accused of spreading propaganda benefiting the outgoing government of Viktor Orbán.
“Nothing lasts forever. The party-state is falling apart before our eyes,” he said in a post on social media.
It will be his first interview given to the state media in – this is not a typo – a year and a half, including the entire election campaign.
His intervention will be closely watched for hints on how he wants to reform the state TV and radio. During his press conference yesterday, he suggested he would suspend their operation until a new board gets put in place to ensure unbiased coverage, pointing to the BBC as one of his inspirations (Europe Live, Monday).
He is set to appear on Kossuth Rádió at 7:33 in the morning, and on M1 TV just after 8am local time.
Kremlin shifts tone on Hungary’s incoming prime minister after ‘pragmatic’ comments
Jakub Krupa
in Budapest
We are getting some interesting comments from the Kremlin in reaction to the Hungarian election over the weekend.
Reuters reported that Kremlin ruled out congratulating Péter Magyar on his win yesterday, saying Hungary was designated as “an unfriendly country” over its past support of the EU sanctions against Moscow.
That’s a peculiar line to take as that clearly didn’t bother them under the previous government, with both Viktor Orbán and his foreign minister Peter Szijjarto repeatedly meeting Vladimir Putin and other senior officials in Moscow, and infamously keeping very open lines with them to discuss EU policies, including on sanctions.
But the tone coming from the Kremlin has seemingly shifted a bit overnight, with Moscow saying today that it noted “with satisfaction” that the new leader of Hungary wanted to engage in a pragmatic dialogue with Moscow.
“For now, we can note with satisfaction, as far as we understand, his [Magyar’s] willingness to engage in pragmatic dialogue,” Kremlin spokesperson Dmitry Peskov told reporters.
“In this instance, there is mutual willingness on our part, and we will then proceed to take our cue from the specific steps taken by the new Hungarian government.“
At his press conference yesterday, Magyar was extensively asked about his views on Russia and called for “pragmatic” relations between the countries (Europe Live, Monday).
He argued that Hungary “cannot change geography” as it still relied on energy supplies from Russia, even as he suggested he would push to diversify these sources in the future.
He also said that in case of a peace agreement in Ukraine he would support lifting of sanctions against Russia, even as he accepted that Moscow remained a security risk for Europe.
It is clear that the relationship between Budapest and Moscow will be very different to the one under Orbán, but it will be worth watching how it evolves.
Zelenskyy arrives in Berlin for talks with Merz
As mentioned earlier, Zelenskyy is in Berlin today for talks with Merz (and between their two governments).
He has just landed in central Berlin in the last half hour, and we should hear from both of them later today.
New Hungarian government can ‘do a lot’ to restore rule of law, leading MEP says
Jennifer Rankin
in Brussels
The European parliament’s lead MEP on Hungary has expressed hope that Péter Magyar’s incoming government can “do a lot” to restore the rule of law thanks to its sweeping parliamentary majority.
Tineke Strik, a Dutch Green MEP, who is the European parliament’s lead coordinator on Hungary and the rule of law, said “that even a deeply cemented electoral autocracy as [Viktor] Orbán has created can be overturned so overwhelmingly” was “bad news for autocrats” in general.
The incoming Hungarian government, she said, had to deal with EU institutions over two sets of rule-of-law issues:
The Dutch MEP is responsible for overseeing the article 7 process, long becalmed because EU member states could not find a majority to sanction Hungary.
Speaking to journalists, on her return from Budapest, she said:
“Magyar has promised to restore the rule of law, to respect the primacy of EU law and to combat corruption. And these are vital promises. And the big mandate that the voters have given to him also enable him to fulfil his promises. But it’s a complex operation which requires time and close cooperation with the EU.
In the light of the two-thirds majority we are hopeful that they are able to do a lot on the restoration [of the rule of law].”
Unlike Poland where a nationalist president stymied a new reformist government’s attempts to reform the courts, Hungary should face fewer obstacles, she said.
She also suggested EU authorities needed to show flexibility on deadlines – Hungary risks losing €10.4bn in long-frozen Covid recovery funds, unless there is an agreement by the end of August 2026.
On 16 June, the Hungarian government is due to face a long-scheduled hearing under the long-running article 7 procedure, to discuss what steps it is taking to address concerns about captured courts and systemic corruption. Previous governments have used these occasions to mount aggressive denials.
In contrast, Strik said the 16 June hearing would be the “perfect occasion for a discussion in the [EU] Council where Magyar can present complete proposals with complete timelines”.
Magyar would be represented by his EU affairs minister at the 16 June hearing, which falls a few days before what is likely to be his first EU summit on 18-19 June.
‘Now I’m hopeful’: Hungarians welcome change after 16 years of Orbán rule
Ashifa Kassam and Flora Garamvolgyi
in Budapest
In a small plaza facing Budapest’s Nyugati train station, Gabor, 40, confessed that he was very, very hungover after the election night.
“I partied all night,” he said, laughing. “It was crazy, I thought Fidesz was going to win. Now I’m really hopeful.”
It was a hint of the mix of excitement, disbelief and hope that has gripped much of Hungary. After 16 years of Viktor Orbán’s efforts to transform the country into a “petri dish for illiberalism”, Hungarians overwhelmingly cast their ballots to oust Orbán and his Fidesz party from power in Sunday’s election.
Instead, the record turnout translated into a landslide victory for the opposition Tisza party in a result that sent thousands of jubilant supporters pouring into the streets of Budapest on Sunday night.
Led by Péter Magyar, the centre-right party won 138 of the parliament’s 199 seats, giving it the power to amend the constitution and potentially dismantle many of the key pillars that had sustained Orbán’s “illiberal democracy”.
“I’m so happy. I can’t quite believe that it happened,” said Eva, 37. “This morning I was bracing for something to happen – like they would say they found some massive number of ballots that would change the results. Now I’m starting to believe that it could be real.”
The election result was due, in part, to the mobilisation of young people who voted against Orbán’s government. Many of them had come of age as the country plunged in press freedom rankings, faced accusations of no longer being a full democracy and became the most corrupt country in the EU.
As the results rolled in on Sunday, an impromptu party sprang up on the banks of the Danube, spilling across the city as strangers hugged and high-fived each other in metro stations and people chanted “We did it!” and “It’s over” against a backdrop of honking vehicles.
Zelenskyy to meet Merz in Berlin for talks on German-Ukrainian cooperation
Elsewhere, Ukrainian president Volodymyr Zelenskyy will meet with German chancellor Friedrich Merz in Berlin today, as part of intergovernmental consultations between the two countries.
AFP noted that Germany has become Ukraine’s biggest backer in its four-year war against Russia’s invasion as the United States under President Donald Trump has cut back on support, and Kyiv is keen to keep Berlin on side.
The two administrations are also expected to discuss joint defence ventures, including their work on drones.
Several ministers are expected to part in the meeting, including foreign minister Andrii Sybiha, energy minister Denys Shmyhal, and economy minister Oleksii Soboley.
Morning opening: JD Vance ‘sad that Orbán lost,’ but will work with new Magyar government
Jakub Krupa
Hungarian election winner Péter Magyar has been invited to meet with the Hungarian president, Tamás Sulyok, on Wednesday to discuss the government-formation process following the stunning win over Viktor Orbán in Sunday’s election.
The meeting could be a bit awkward, given Magyar’s repeated calls for Sulyok, an Orbán loyalist, to resign from the office.
“He was appointed to sign everything; every document that he is presented with – whether it’s the menu or the constitution or the laws – so we don’t need people like that. To me, he is not the president,” he said yesterday.
Erm, nice weather, Mr President, huh?
Speaking of presidents, we finally heard from the US vice-president JD Vance overnight as he defended his decision to travel to Budapest last week to interfere with the Hungarian election support Orbán in the final days of the campaign.
Appearing on Fox News, he said he was “said that [Orbán] lost,” but insisted the intervention “was not about Russia, and fundamentally, it was not about Europe,” merely a sign of thanks from the US administration for defending its interests against the EU bureaucracy.
“He’s one of the few European leaders we’ve seen who’s been willing to stand up to the bureaucracy in Brussels that has been very, very bad for the United States. So for example, when you see a European bureaucrat go after an American company, sometimes the only vote ‘no,’ the only vote to protect that American interest, has been Viktor Orbán.”
Vance added that the White House “certainly knew there was a very good chance that Viktor would lose that election,” but he wanted to “stand behind a person who had stood by us for a very long time.”
He also insisted that Orbán “is a great guy who’s done a very good job,” before adding:
“I think that his legacy in Hungary is transformational, 16 years, fundamentally changing that country.”
Well, hard to disagree with that.
But in a sign that will be reassuring to the incoming Magyar administration, however, he declared that “we will work very well, I am sure, with the new prime minister of Hungary.”
I will bring you more reactions and news from across Europe during the day.
It’s Tuesday, 14 April 2026, it’s Jakub Krupa here, and this is Europe Live.
Good morning.
UK News
European stock markets hit record high and oil price falls to three-month low after US-Iran peace deal – business live | Business
European stock markets hit record high
European stock markets have hit a record high at the start of trading, as relief over the US-Iran peace deal ripples across global markets.
The pan-European Stoxx 600 index has jumped by 0.9% to 639 points, over the previous record high set just before the Iran war started, with shares rising in London, Frankfurt, Paris, Madrid and Milan.
Mining and travel companies are driving the rally, while oil company shares are sliding.
That follows sharp gains in Asia-Pacific markets overnight, where Japan’s Nikkei surged by 5% on hopes that the strait of Hormuz will reopen within days.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, says global equity markets are starting the week firmly on the front foot after President Trump announced that a deal with Iran had been reached, adding:
The move has given investors a clear reason to dial back some of the geopolitical risk premium that has hung over markets, especially as the Strait of Hormuz is expected to reopen and oil prices move sharply lower.
Energy prices have been one of the clearest transmission channels from Middle East tensions into inflation, bond yields and equity sentiment, and there is likely to be a concerted effort to get prices down even further once this deal is finalised.
There are still details to be ironed out before markets can fully trust the agreement, but for now the direction of travel is clear: lower oil, calmer nerves and a renewed appetite for risk.
Key events
Peace deal should keep mortgage rates down
Mortgage borrowers can breathe a sigh of relief at the news of a peace deal in Iran, says Adam French, head of consumer finance at Moneyfactscompare.co.uk.
While we are far from being out of the woods yet, a lasting peace deal should dramatically reduce the risk of the Bank of England’s worst-case scenario for inflation and interest rates becoming a reality.
“Under that scenario, Base Rate could have risen to 5.25%, potentially pushing typical rates on new mortgages towards 6.75%. Instead, today’s news means mortgages rates, which have already been slowly falling for several weeks, have likely already passed their peak – at least until the next unwelcome crisis.
“Borrowers can be optimistic but with a word of caution, as inflation and economic data will continue to influence the outlook. However, a lasting peace should remove one of the biggest risks to mortgage costs and may help restore a more stable environment for hard-pressed remortgage borrowers and prospective buyers.”
Even before this morning’s drop in UK bond yields (see earlier post), average mortgage rates have dipped slightly.
Moneyfacts reports:
-
The average 2-year fixed residential mortgage rate today is 5.61%. This is down from 5.62% the previous working day.
-
The average 5-year fixed residential mortgage rate today is 5.58%. This is down from 5.59% the previous working day.
Why it may take months for oil flows to return to normal
Donald Trump excitedly declared: “Ships of the World, start your engines. Let the oil flow!” last night, but the reality is that it will take some time for oil flows through the strait of Hormuz to return to pre-war levels.
One reason is that many oil tankers are simply in the wrong place, after the long closure of the strait.
Another is that some production and refining facilities have been damaged by the conflict, while others were mothballed after storate facilities filled up to the brim.
A third factor is that insurers could still be wary of the conflict reigniting, and price their cover accordingly.
Neil Shearing, group chief economist at Capital Economics, explains:
Even if ships now have safe passage, tankers are in the wrong place, oil production/refining facilities need to get up to full capacity, and questions over the cost and availability of insurance for ships traversing the Strait will remain.
Our current working assumption is that ~80% of energy flows will resume by the end of Q3. Natural gas flows will be slower to return, following the damage to Qatari facilities earlier in the conflict, which according to local officials has put 17% of production offline for two to three years.
US crude drops below $80
US crude oil has dropped to its lowest level since the second week of the Iran war.
The cost of a barrel of West Texas Intermediate (WTI) light sweet crude has dropped by 6% today to $79.72 per barrel, the first time since 10 March that it has been under $80/barrel.
That could help to pull down US gasoline prices, which climbed after the conflict began, hitting consumer confidence.
UK bond yields fall
Today’s relief rally is also driving up government bond prices, pushing down the cost of borrowing.
The yield (or interest rate) on 10-year UK government debt has dropped by 6.5 basis points (0.065 of a percentage point) to 4.775%.
Two-year bond yields are down 8bps to 4.16%.
Lower bond yields indicate that that the cost of issuing new government debt has fallen, which will be a relief for the UK Treasury after the Iran war drove up borrowing costs.
Copper mining company Antofagasta is now the top riser on the FTSE 100, up almost 8%.
Trader will be concluding that an end to the Iran war will boost the world economy, leading to more demand for raw materials such as copper.
European stock markets hit record high
European stock markets have hit a record high at the start of trading, as relief over the US-Iran peace deal ripples across global markets.
The pan-European Stoxx 600 index has jumped by 0.9% to 639 points, over the previous record high set just before the Iran war started, with shares rising in London, Frankfurt, Paris, Madrid and Milan.
Mining and travel companies are driving the rally, while oil company shares are sliding.
That follows sharp gains in Asia-Pacific markets overnight, where Japan’s Nikkei surged by 5% on hopes that the strait of Hormuz will reopen within days.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, says global equity markets are starting the week firmly on the front foot after President Trump announced that a deal with Iran had been reached, adding:
The move has given investors a clear reason to dial back some of the geopolitical risk premium that has hung over markets, especially as the Strait of Hormuz is expected to reopen and oil prices move sharply lower.
Energy prices have been one of the clearest transmission channels from Middle East tensions into inflation, bond yields and equity sentiment, and there is likely to be a concerted effort to get prices down even further once this deal is finalised.
There are still details to be ironed out before markets can fully trust the agreement, but for now the direction of travel is clear: lower oil, calmer nerves and a renewed appetite for risk.
BP and Shell’s shares slide
Shares in oil companies are falling, though – BP and Shell are both down 3.7%, as investors anticipate an end to their earnngs boost from the Iran war.
FTSE 100 index hits eight-week high
Boom! Britain’s stock market has hit a near-two month high at the start of trading, as investors welcome the breakthrough between the US and Iran to end the Middle East conflict.
The FTSE 100 blue-chip share index has jumped by 99 points, or almost 1%, at the start of trading to 10,570 points, its highest level since 21 April.
Engineering firm Rolls-Royce, which makes and services jet engines, is the top riser on the FTSE 100, up 5.5%, followed by British Airways parent company IAG, up 4.8%.
UK house prices dip in June
Gwyn Topham
Two bits of good news for Britons who don’t own their homes have been revealed, with data showing a drop in house prices in June as well as fewer tenants facing rent hikes last month.
Figures from Rightmove showed the average price of property coming on the to market fell by 0.6% or £2,113 to £376,191, the biggest June fall in fourteen years, with prices 0.5% below this time in 2025. The biggest drops were seen in southern England and Wales, and in asking prices for flats rather than houses.
The property site said the number of homes for sale was still at historically high levels for summer, making it more of a buyer’s market. Mortgage affordability has also improved slightly this month, with the average two-year fixed rate deal dropping about 0.1 percentage points to 5.07%, it said.
Meanwhile, figures suggest that the introduction of the Renters Right Act may already be seeing results in terms of keeping rents down for tenants.
The new law came into force at the start of May and means landlords can only increase rents for sitting tenants once a year. According to Hamptons monthly lettings index, the number of tenants who saw their rent rise was down 23% from the same month last year. Hamptons said if the rest of the year saw similar change, it would expect only 31% of sitting tenants to face increases, compared to 40%-50% in previous years.
However, the agency warned that rent rises in Scotland, where landlords have been operating under a similar system for longer, exceeded the national average. Sitting tenants who faced rent rises had an average increase of 5.4% in May, but the figure reached 7.7% in Scotland, albeit for a lower absolute rent – £952 – than the Great Britain average of £1375.
Speaking of the ECB, their president Christine Lagarde has been warning that inflation pressures are spreading in the euro area.
In an intervew with broadcaster France Culture, Lagarde warned that high energy prices are starting to feed through to other parts of the economy, saying:
“Indirect effects of inflation, we have absolutely started to see that more or less everywhere in recent weeks.”
The US-Iran agreement is well-timed for the Bank of England, which is due to set UK interest rates on Thursday.
If the strait of Hormuz does reopen, and oil flows return towards pre-war levels, there will be less inflationary pressure – and thus less need for interest rate rises.
The European Central Bank raised its interest rates last week, but this week is the turn of the BoE, the US Federal Reserve and the Bank of Japan.
Kathleen Brooks, research director at XTB, says:
Over the past month, the price of oil is down by more than a fifth, and the Brent crude price is now back at levels from early March. This is good news for inflation, which should start tumbling monthly from June, and it could ease concerns about price pressures as we lead up to some major central bank action this week. The decline in the oil price also raises questions about whether the ECB was too hasty in raising rates last week.
European stock markets are on track to jump when trading begins, in just over 20 minutes.
Germany’s DAX share index is up 1.65% in the futures market, Reuters reports, with the UK’s FTSE 100 0.75% higher.
The US dollar is weakening, as investors shift into riskier currencies.
The pound is its highest in over a week, at $1.3438.
Markets rally across Asia
There are strong gains across Asia-Pacific markets today, as investors welcome the deal between the US and Iran.
Japan’s Nikkei share index has leapt by 5%, as has South Korea’s KOSPI, while China’s CSI300 index is 1.9% higher.
Jim Reid, market strategist at Deutsche Bank, says:
Whilst the deal is very good news for markets it looks like tough conversations will have occur in the 60-day window to ensure the peace is sustainable. As an example, the Senate needs to approve any extensive sanction relief for Iran.
For now the can kicking exercise has been very well received by markets even after a strong US close on Friday where hopes were raised of a weekend signing
Introduction: Oil falls to three-month low
Good morning, and welcome to our rolling coverage of business, the financial markets, and the world economy.
The peace deal agreed between Iran and the US is sending a wave of relief through the markets today.
Oil has tumbled 4%, and markets across the Asia-Pacific region have jumped, as investors anticipate the reopening of the strait of Hormuz.
Although it is unclear exactly what has been agreed – with the final text of their memorandum of understanding unpublished – Donald Trump’s claim that “oil will flow on both ends again for the region, and the world” is pushing down energy prices – a relief for busineses, consumers, politicians and central bankers alike.
Brent crude has fallen as low as $83.04, its lowest since 10 March, after the prime minister of Pakistan announced the US and Iran will sign a memorandum of understanding in Switzerland on Friday.
That still leaves Brent above its pre-war price of $72.48 a barrel, though.
Trump has indicated that the opening of the strait is contingent upon the signing of the peace deal, scheduled for Friday.
Iran’s Mehr state news, though, reported that the agreed memorandum of understanding calls for the reopening of the strait within 30 days under “Iranian arrangements” – an indication that Tehran hasn’t surrendered its control of the waterway.
Chris Weston of IG points out that there are still obstacles to overcome:
The probable reopening of the Strait of Hormuz later this week would represent a significant positive development. Markets had increasingly questioned how long inventory draws could offset supply disruptions and whether physical dislocations would begin weighing more heavily on risk assets. The focus now shifts towards understanding what normalisation of logistics could realistically look like, and how quickly shipping volumes can return to pre-conflict levels of 120 to 140 commercial vessels transiting eastbound and westbound each day.
There are still obstacles to overcome. Mines may need to be cleared, and there may be structural damage to refineries and export facilities around the region that will take time to repair and come back to pre-conflict capacity.
The agenda
Paying tribute, Sir Keir Starmer said Lord Hattersley “was a giant of the Labour movement”.
Source link
My partner and I paid £2,150 for a week’s all-inclusive break in Marrakech with easyJet Holidays.
We chose the Jaal Riad Resort Hotel because of its pool and spa. When we arrived, we were told that use of the heated pool cost £24 a person an hour, the Jacuzzi £24 for 20 minutes, and the hammam was £16 for 20 minutes.
Nowhere were these extra fees listed when booking. EasyJet Holidays rejected my complaint and referred me to a line buried at the bottom of the list of facilities that said charges may apply. We were planning on using the pool regularly but could not afford it. If we had known, we would have booked elsewhere.
DP, Cambridgeshire
Hidden charges can hugely inflate the cost of holidays. Resort fees are the most pernicious – some hotels charge up to £50 a person a day for facilities whether or not they are used.
Then there’s the daily tourist tax levied via the accommodation provider during the stay in some countries, and ancillary fees for upgraded wifi for sun loungers.
EasyJet Holidays makes a big deal of the pool – it’s a prominent photo on the webpage for the hotel.
No asterisk refers potential bookers to the crucial caveat that a couple, wishing to avail themselves once a day during a week’s stay, would have to pay almost £350 extra.
Even the eagle-eyed who alighted on the paragraph of small print at the bottom of the page, would be none the wiser.
Only after declaring that the facilities are subject to height and weight restrictions, seasonal availability, opening times, and age and dress code, does it mention that they “may” attract additional charges. These are not listed.
This is potentially unlawful, according to consumer lawyer Gary Rycroft.
“The facilities were prominently marketed as part of the holiday experience, and extra charges were not clearly disclosed before purchase,” he says. “Under the Digital Markets, Competition and Consumers (DMCC) Act 2024, businesses must not omit material information that would influence a consumer’s decision about whether to enter into a contract.”
EasyJet is defensive. “We always strive to make it clear that use of hotel facilities may incur additional charges,” it told me.
The company said then that it was reviewing the description to “further highlight that the use of the spa facilities is chargeable”, although, at the time of writing, three weeks later, the webpage remained unchanged. It has also now offered a £500 goodwill payment.
As the holiday season begins, you need to read the small print to avoid nasty surprises.
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European stock markets hit record high and oil price falls to three-month low after US-Iran peace deal – business live | Business
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