Local election wins raise Hungarian opposition hopes
Subject Local and municipal election results. Significance The largely united opposition made a major breakthrough in local elections on October 13, taking Budapest and other cities and towns and eroding Prime Minister Viktor Orban's Fidesz party’s predominant position since 2006. A sex scandal plus changes within the opposition have apparently lost Fidesz the middle class, further emphasising the already stark divide between cities and the countryside. Impacts Orban’s weaker position will dent the confidence of the global right-wing populist movement, of which he is a figurehead. Domestic capital associated with the Orban government is at risk as investors price in a potential loss of government support. The decline in political stability may at least momentarily moderate investor confidence in Hungary.