EUROPE

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Croatia's opposition-backed President, Zoran Milanović, secured a resounding victory in Sunday's runoff election, winning a second five-year term with over 74% of the vote. He defeated Dragan Primorac, the candidate from the ruling conservative party, who received nearly 26%, according to official results released after more than 99% of ballots were counted.

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Turkey's central bank implemented its first interest rate cut in almost two years on Thursday, lowering the key rate from 50% to 47.5% amidst ongoing double-digit inflation. The monetary policy committee cited improved "inflation expectations and pricing behavior" as reasons for the reduction, which is the first since February 2023.

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The pound has fallen to its lowest level in over a year, while UK borrowing costs have surged to their highest for 16 years. The pound fell by 0.9% to $1.226 against the dollar on Thursday and borrowing costs rose further.

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Elon Musk, owner of X and an ally of US President-elect Donald Trump, has sparked outrage across Europe with his attacks on the continent's leaders. Spanish Prime Minister Pedro Sanchez responded Wednesday, warning that Musk's "open attacks on our institutions" and "stirring up hatred" could lead to a return of fascism. The criticism comes as Musk is slated to take on a role in Trump’s administration.