Spanish Prime Minister Pedro Sánchez has called a snap election for November 29, following intensified housing protests and the rejection of his housing decrees in parliament. His minority Socialist government holds only 147 out of 350 seats, and recent polls indicate unfavorable prospects for his re-election. Markets had priced in a near 100% probability of snap elections by October 31, and the likelihood of Sánchez remaining in power after the vote has significantly decreased. The prospect of Sánchez leaving office before year-end has increased, with traders now pricing in a higher probability of leadership change following the election.
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