Market Brief
Daily market recaps with key events, stock movements, and global influences
Hungarian Prime Minister Viktor Orbán on 9 July publicly urged European Commission President Ursula von der Leyen to resign, circulating an image of her with the caption “Time to go.” Orbán said the Commission chief had “shattered” European Union unity on Ukraine, migration, energy and green policies and should accept responsibility for what he described as mounting governance failures and corruption allegations. His intervention comes a day before the European Parliament holds a no-confidence vote on von der Leyen and her entire college of commissioners, scheduled for 10 July in Strasbourg. The motion was tabled after von der Leyen declined to release text messages exchanged with Pfizer’s chief executive during negotiations for multi-billion-euro COVID-19 vaccine purchases, prompting accusations of a lack of transparency. Seventy-seven lawmakers have signed the initiative, but mainstream political groups signal they will block it, making removal unlikely. The confrontation deepens a long-running clash between Budapest and Brussels. Hungary last week rejected the EU’s annual economic-policy recommendations and continues to contest the Commission’s decision to withhold about €22 billion in cohesion funds over rule-of-law concerns. Orbán’s latest challenge underscores the widening rift inside the bloc even as von der Leyen seeks a second term at the helm of the EU executive.
OptionVotes
2022
215
OptionProbability
74
9
4
3
3
2
2
2
OptionVotes
279
48
OptionVotes
102
98
OptionProbability
45
12
8
8
8
8
7
4