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Austria’s far-right Freedom Party (FPO) achieved a historic victory in Styria’s state election on Sunday, marking the first time it has claimed leadership in the region. This significant win follows the party’s strong performance in September’s general election and underscores its growing influence amid ongoing national coalition negotiations.
Styria, home to Graz—Austria’s second-largest city—holds limited immediate national sway. However, this outcome adds pressure on political leaders striving to establish the nation’s first three-way coalition government since 1949.
This is only the second state the FPO has ever won. The first was Carinthia, previously a stronghold of the party under Joerg Haider during his leadership in the late 1990s and early 2000s.
“There’s been a landslide in Styria. I didn’t expect such a resounding result,” said Stefan Hermann, the FPO’s deputy leader in Styria, during an interview with national broadcaster ORF.
According to a projection by pollster Foresight for ORF and APA, the FPO is leading with 35.3% of the vote, followed by the conservative People’s Party (OVP) at 26.6%. The estimate, which is based on 70% of votes counted, has a margin of error of 1 percentage point.
For the first time since World War II, neither the OVP nor the Social Democrats (SPO) have emerged victorious in Styria. This marks a dramatic shift in the political landscape of the state, famously known as the birthplace of actor Arnold Schwarzenegger.
Despite its success, the FPO will need to form a coalition to secure a majority in Styria’s state assembly and establish a governing administration. Unlike national elections, where the president decides who is tasked with forming a government, Styria’s rules automatically grant the leading party—now the FPO—the opportunity to set up a state government.
This victory reinforces the FPO’s growing foothold in Austrian politics, signalling a changing tide as the country navigates complex coalition talks at the federal level.
“There’s been a landslide in Styria. I didn’t expect such a resounding result.”
— Stefan Hermann, Deputy Leader of the Freedom Party in Styria
- Bhutan Sells 70% of Its Bitcoin Holdings as State Mining Activity Appears to Slow
Bhutan has quietly reduced its Bitcoin reserves by nearly 70% over the past 18 months, raising fresh questions about the future of one of the world’s most closely watched sovereign crypto experiments.
According to recent on-chain data, the Himalayan kingdom’s Bitcoin holdings have fallen from approximately 13,000 BTC in October 2024 to 3,954 BTC, leaving the country with an estimated $280.6 million worth of Bitcoin at current market prices.
The latest transfer involved roughly 319.7 BTC valued at $22.68 million, moved to two separate wallet addresses. Blockchain intelligence data indicates that around 250 BTC was routed to a wallet previously linked to sales through Galaxy Digital and OKX, while the remaining amount was sent to a newly created address.
This latest transaction forms part of a broader and sustained pattern of sales that has continued throughout 2026. Available data suggests that more than $215 million in Bitcoin has been moved out of Bhutan-linked wallets this year alone, signaling what appears to be an ongoing liquidation strategy by the country’s sovereign investment arm, Druk Holding & Investments (DHI).
Bhutan’s Bitcoin holdings were originally built through a hydropower-backed mining operation, widely regarded as one of the first sovereign-level Bitcoin mining initiatives in the world. By using electricity generated from its rivers, the kingdom positioned itself as a unique example of state-backed crypto production powered by renewable energy.
However, recent blockchain activity suggests that the mining operation may have slowed significantly or even come to a halt. No major mining inflows exceeding $100,000 have been recorded for more than a year, fueling speculation that Bhutan may no longer be actively producing new Bitcoin and is instead drawing down its existing reserves.
Several economic factors may explain this strategic shift. The post-halving environment has reduced Bitcoin mining rewards, while network difficulty continues to remain near record highs. These conditions have significantly tightened margins, especially for smaller sovereign mining operations.
Analysts also point out that Bhutan’s abundant hydropower resources may currently generate stronger returns through electricity exports to neighboring India than through continued Bitcoin mining. In this context, selling part of its holdings while redirecting energy resources may represent a financially prudent decision.
Bhutan’s move stands in sharp contrast to the broader trend across global markets, where major institutions and sovereign entities continue to increase their exposure to digital assets and gold. While large corporate players and investment funds are accumulating Bitcoin, Bhutan remains one of the few sovereign-level holders visibly reducing its position.
Despite the sharp reduction, the kingdom still retains 3,954 BTC, a reserve that remains significant by sovereign standards. The key question now is whether Bhutan is merely rebalancing its treasury strategy or gradually moving away from its pioneering state-backed Bitcoin mining model altogether.
For the wider crypto market, Bhutan’s actions are being closely monitored as an important case study in how nation-states respond to the economic realities of post-halving mining, elevated network difficulty, and prolonged market volatility.
- A Frantic Race for Barrels Is Gripping the Global Oil Market
While investors focused on the fragile Iranian ceasefire last week, a desperate scramble for cargoes has been playing out in the oil market, as traders and refiners scour the globe for immediately available supplies.
In the North Sea, the world’s most important physical crude market, traders submitted 40 bids for cargoes last week, only four of which were met by offers. Cargoes for delivery in the coming weeks changed hands at unprecedented prices above $140 a barrel. Elsewhere, refiners have been hunting increasingly further afield for supplies, leading to a series of unusual trades and surging premiums for any oil that’s ready to ship right now.
Traders said the panicky moves across the world’s key physical oil markets demonstrated the scale of the shortfall in crude that’s due to be felt as the loss of supplies from the Middle East leaves a growing gap.
Skyrocketing prices are signaling that some European refiners will likely need to follow those in Asia and cut back production, they said — a move that might help to balance the market for crude oil but would deepen the shortfalls in vital products like diesel and jet fuel.
“There is simply a shortage of crude,” said Neil Crosby, head of research at Sparta Commodities AS. “Physical Brent is a mess and has now risen too far. At this rate even European refiners will have to lower utilization, perhaps as early as next month.”
The frenzy in the physical oil trade stands in contrast to the futures market, where oil for delivery in June dropped 13% last week to close at about $95 a barrel, amid optimism over the ceasefire.
There were some early signs of increased activity in the Strait of Hormuz on the weekend, with two Chinese supertankers and one from Greece moving through the waterway, but traffic still remains well below prewar levels. It takes weeks for crude from the Gulf to reach refineries in Asia and Europe.
In addition, peace talks between the US and Iran this weekend failed to reach an agreement, raising doubts over efforts to end the war and resume energy shipments.
the gasoline war, “The final cargoes that transited the Strait of Hormuz before the conflict are now arriving at their destinations. This is where the paper traded markets are meeting physical reality, and the 40-day gap in global energy flows is truly exposed,” Sultan al Jaber, chief executive office of Abu Dhabi National Oil Co., said in a Linkedin post on Thursday.
That gap can be seen in the premium refiners are willing to pay to secure cargoes of crude that are available in the near term. Traders at some Asian refineries, speaking on condition of anonymity, said they were no longer focused on price, and were simply seeking to secure barrels of crude wherever they could to ensure energy security.
Dated Brent – the most important benchmark in the physical oil market used to price millions of barrels a day – hit a record $144 a barrel before the ceasefire, surpassing its 2008 highs even as futures remain far below their record levels.
By Friday it had dropped to $126 a barrel, still more than $30 above June delivery Brent futures, while traders including Trafigura Group and Gunvor Group were bidding more than $22 a barrel above Dated Brent for cargoes of oil in the North Sea for delivery in late April and early May. Supplies from Nigeria for loading next month have been offered as high as $25 per barrel above the benchmark, compared with less than $3 before the Iran war began.
Asian countries, the most reliant on the Strait of Hormuz for crude supplies, have moved beyond their traditional sources to scour the globe for barrels.
Japanese refiners have led a charge to buy up oil from the US, which is exporting at record levels. A buying spree by Chinese refiners has lifted oil shipments from Vancouver in Canada to a record high this month. And Indian refiners have been ramping up purchases from Venezuela. In the first week of April, tankers have loaded almost 6 million barrels for the South Asian country, which is double the volumes seen over the same period in March.
The focus is on barrels that are available as soon as possible — and refiners are willing to pay up for promptness. Japanese refiners have booked smaller-than-typical ships for their US oil purchases, so they can traverse the Panama Canal and get to Japan quicker.
On Saturday, President Donald Trump posted on social media about the “massive numbers” of oil tankers heading to the US to load its oil. Midland WTI at Houston, known as MEH, has risen to a premium of nearly $4 a barrel to the US benchmark, roughly four times its level before the war. Traders said that the premium reflected the time value of the roughly five-day transit to Houston.
The yawning gap between physical crude and futures is partly a reflection of the same dynamic, with barrels commanding a huge premium the sooner they can be delivered — a market condition known as backwardation.
The extreme level of premiums for immediately deliverable crude is putting huge strain on the market, traders and analysts said. Smaller refineries are struggling with greatly increased financing needs due to the higher prices, as well as the challenge of hedging in a market where the physical crude oil they buy is much more expensive than the most liquid derivatives linked to it.
“It’s a massive price risk management headache — on paper the margins are fantastic, but the real cashflows of buying a cargo and deciding to refine it can be quite different,” Roberto Ulivieri, a consultant at Midhurst Downstream and former refining economist for Saudi Aramco.
Some refiners are starting to step back from the market as a result – and the consequence will be a reduction in their output, further squeezing the markets for oil products.
Already, jet fuel and diesel prices have soared to record or near-record highs above $200 a barrel. In the politically crucial US gasoline market, inventories have shrunk to the smallest in almost 16 years, according to the Energy Information Administration.
And as oil buyers descend on the US, analysts are warning that the market shortfall will be felt there next.
“Physical markets are not taking their cues from social media. Instead, they have strengthened relentlessly as disruptions have spread from Asia to the Atlantic basin,” said Amrita Sen, co-founder of consultant Energy Aspects. “If futures don’t catch up to the physical realities, US exports could easily remain elevated, vessel availability permitting, to the point where there isn’t enough crude left for US refineries.”
- February inflation was unchanged but predates surge in energy prices
Five years into an era of stubbornly high prices, U.S. households received a reassuring inflation report Wednesday – one that does not capture a war-driven surge in oil prices.
Inflation rose in February at a relatively subdued 2.4 percent annual pace, the same as in January, although the snapshot is already outdated by the Iran conflict.
Food and energy prices both increased in February, and gasoline prices rose after two prior months of declines.
Overshadowing that data, the U.S. and Israeli campaign against Iran is threatening to push inflation higher at a moment when price pressures are already running above where the Federal Reserve and White House want them. Gasoline prices and airline tickets were climbing this month, and businesses across the economy are bracing for higher transportation costs.
“This is perhaps the most unimportant CPI in years,” said Joe Brusuelas, chief economist at RSM, referring to Wednesday’s consumer price index for February. He estimates that rising oil costs alone could add roughly 0.5 to 0.6 percentage points to the annual inflation rate in next month’s data release.
“That means investors and policymakers can and should effectively discount the February reading,” Brusuelas added.
Rising energy and transportation costs are likely to intensify pressure on President Donald Trump’s administration, which has made tackling high prices and affordability a central political goal. Policymakers face scrutiny from both voters and lawmakers as consumer costs climb, as rising prices threaten to undercut messaging that the economy is stabilizing.
The price for Brent crude, the global oil benchmark, had spiked to nearly $120 a barrel Monday morning, a level that could translate into gas prices surpassing a national average of $4 per gallon. Prices later retreated to just over $90 per barrel Tuesday morning – still significantly higher than before the strikes on Iran at the end of February. Higher oil prices feed quickly into gasoline costs and can ripple through other sectors – lifting the price of airline tickets, shipping and a wide variety of consumer goods that depend on transportation.
While price pressures have cooled markedly since their 2022 peak, inflation has remained stubbornly elevated for five consecutive years as of this month. Economists say it is actually running closer to 3 percent – about a percentage point above the Federal Reserve’s preferred target.
Economists also warn that residual distortions in the consumer price index from the October government shutdown are expected to continue to weigh on the index for the next several months, making inflation appear somewhat cooler than underlying pressures.
The sharp rise in oil prices is also complicating the Fed’s work. Supply shocks such as a jump in energy prices tend to put the central bank in a bind because they push inflation higher while also slowing economic activity, forces that point policymakers in opposite directions.
Economists say the challenge is compounded by longer-term inflation expectations, which have so far remained anchored. But Vincent Reinhart, chief economist at BNY Investments, warned that rapid energy-cost increases could unsettle those expectations, making the central bank’s task of balancing price stability with economic growth even more delicate.
“From the Fed’s vantage point, their nightmare isn’t over,” he said.
The inflation report arrives at a delicate moment for the Fed, which has been trying to guide inflation back to its 2 percent goal without tipping the economy into recession. The central bank cut interest rates three times late last year before pausing in January. Officials are expected to pause again at their policy meeting next week, and investors don’t anticipate they will cut again until September.
Central bank officials rely more heavily on a separate gauge known as the personal consumption expenditures index, which is due later this week and is expected by many economists to show somewhat firmer price pressures than the CPI data. Even before the latest rise in oil prices, forecasters had expected the Fed’s preferred measure to run closer to 3 percent than to the central bank’s target.
- Stock market today: Stocks post second straight winning week amid fragile US-Iran ceasefire
Stocks posted their second straight weekly gain amid a fragile ceasefire between the United States and Iran.
The S&P (^GSPC) and the Dow Jones Industrial Average (^DJI) were up more than 3% over the last five days while the Nasdaq Composite (^IXIC) surged more than 4%.
All three indexes traded mostly flat on Friday. The indecisive trading in stocks comes as investors await the results of weekend talks on the tenuous ceasefire in the US-Iran war and follows March inflation data that showed a surge in consumer prices after the start of the war.
The Dow Jones Industrial Average (^DJI) moved back into green figures for the year on Thursday, while the Nasdaq Composite (^IXIC) and the S&P 500 (^GSPC) remain off just less than 1% for the year.
SNP – Delayed QuoteUSDS&P 500 (^GSPC)
6,816.89-7.77(-0.11%)At close: April 10 at 4:54:34 PM EDT^GSPC^DJI^IXICThe release of the Consumer Price Index data on Friday showed the annual headline rate soared in March to 3.3%. Prices rose 0.9% from February, the largest monthly gain since 2022. The rapid acceleration from February’s inflation level of 2.6% came as the US-Iran war sent gas prices skyrocketing.
Investors are now focused on the Iran-US talks slated to occur this weekend, looking for signs the fragile two-week truce might lead to a longer-lasting plan for peace.
Ahead of the meeting, President Trump ramped up pressure on Iran to lift its blockade of the Strait of Hormuz, with little sign of success. Traffic through the world’s most critical chokepoint for energy supply is still thin.
LIVE COVERAGE IS OVER 19 updatesThree things for the week ahead
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First quarter earnings season will kick off in earnest, with the major money center banks and the two biggest investment banks — Goldman and Morgan Stanley — set to report.
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This past week was a busy one for the AI press release battle — who will win the week ahead? And will investors continue selling software names on every new Anthropic model that gets teased?
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Will oil prices keep going down? This week, there was plenty of volatility. But from Monday’s open to Friday’s close, the price of oil was down about 10%. No surprise, then, that stocks went up. On a monthly basis now, the price of oil is flat. Stocks over that same period? Also flat.
An 8-day S&P 500 streak has usually meant more upside
With stocks, strength usually begets more strength.
The S&P 500 (^GSPC) is trying to clinch an eighth straight day of gains, and history suggests bulls tend to stay in control after runs like this — even if the market pauses first.
8-Day Streaks in the S&P 500 (^GSPC) with Relative Strength Index (RSI) I marked each of the seven prior 8-day streaks over the past decade in the chart above.
Also shown is RSI, or relative strength index, a momentum gauge that can help show when the market is getting stretched, with readings above 70 often viewed as overbought and below 30 as oversold.
That distinction matters here. The November 2021 streak arrived with RSI near 77 and roughly caught the top of the prior bull market. The last four streaks — including the current one — have come with RSI closer to 60, well below that overbought threshold.
The August 2024 streak was followed by a brief 5% pullback, but the broader trend stayed higher. The other recent signals came near important lows and led to strong multi-month rallies.
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- Why Real Madrid vs Bayern Munich Still Defines the Champions League
European Royalty Reunited: Why Real Madrid vs Bayern Munich Still Defines the Champions League
On nights like this, football reminds us why the UEFA Champions League remains the most captivating club competition in the world.
When Real Madrid and Bayern Munich meet, it is never just another quarter-final. It is history confronting history, prestige meeting power, and two football institutions renewing one of Europe’s most iconic rivalries.
This is more than a match — it is a statement of legacy.
Real Madrid, the undisputed kings of Europe, enter the contest with the aura that only the Santiago Bernabéu can provide. Even after a domestic stumble against Mallorca, Madrid’s recent dismantling of Manchester City on aggregate sends a clear warning to the rest of Europe: when the Champions League anthem plays, this club transforms.
There is something almost inevitable about Madrid on European nights.
Whether it is their calm under pressure, their ruthless efficiency in decisive moments, or the brilliance of players like Kylian Mbappé and Vinícius Júnior, they carry the confidence of a side that believes every knockout tie belongs to them. Their history against Bayern only strengthens that belief.
Yet Bayern Munich arrive not as spectators to Madrid’s narrative, but as a force determined to rewrite it.
The German giants have travelled to the Bernabéu with serious momentum and firepower. Their attacking numbers this season are frightening, and their relentless intensity under pressure has made them one of the most dangerous sides left in the competition. If Harry Kane is fit enough to feature, Bayern’s threat increases significantly.
This is what makes tonight’s encounter so compelling.
Madrid offer composure, experience, and an unmatched sense of occasion.
Bayern offer pace, aggression, and an attacking system capable of overwhelming even Europe’s elite.
From a non fan’s perspective, however, the psychological edge still belongs to Real Madrid.
The weight of recent European history leans heavily in their favour. Bayern know they are not only facing eleven players, but also the memory of previous eliminations, previous heartbreaks, and the intimidating presence of the Bernabéu crowd.
In knockout football, that emotional burden matters.
Still, dismissing Bayern would be a mistake.
Their ability to score consistently means this tie is unlikely to be settled in the first leg. In fact, the most probable outcome is a match where both teams find the net and leave the return leg finely balanced.
My opinion is that Real Madrid’s experience in managing high-pressure moments will make the difference.
Prediction: Real Madrid 2–1 Bayern Munich.
It may not be a comfortable victory, but it feels like another classic European night where Madrid once again remind the continent why they remain the benchmark of Champions League greatness.
Tonight, football’s aristocracy meets again.
And Europe will be watching.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.
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