Prime Minister Pedro Sánchez’s PSOE-Sumar minority government has repeatedly pledged to complete its full term ending in August 2027, explicitly ruling out a 2026 snap election in statements through mid-2026. The prime minister retains constitutional authority to dissolve parliament and call early elections, yet faces no immediate procedural triggers such as a failed budget vote or successful no-confidence motion. Recent regional contests in Aragon, Andalusia, and other communities produced losses for PSOE and gains for the PP and Vox, but these results have not altered the national coalition’s legislative strategy or prompted dissolution. Negotiations over the General State Budget and maintenance of support from regional parties like Junts remain the primary near-term variables, with traders viewing the absence of acute crisis or electoral pressure as the dominant constraint on an early call.