Spain’s snap general election on November 29 stands as the central driver of trader assessments on whether Pedro Sánchez remains prime minister. His minority PSOE-led coalition lost parliamentary support for housing decrees intended to curb evictions and limit large landlords, prompting the early vote nine months ahead of schedule. Private surveys place the PSOE in the mid-to-high 20s percent range, well behind a potential PP-Vox majority, while state polling shows a narrower contest. Recent setbacks, including two fatal high-speed rail crashes that prompted a cabinet resignation, ongoing corruption cases tied to former allies, and migrant pressures at Ceuta, have weighed on support. Sánchez campaigns on expanded tenant protections, higher taxes on major property holders, and progressive constitutional guarantees, seeking to mobilize turnout above 75 percent. A right-leaning result would trigger government formation talks and a new investiture process in the weeks after the vote.