Alberto Núñez Feijóo leads trader pricing at 84.5% for Spain’s next prime minister, reflecting private polls that place his People’s Party first and project a PP-Vox bloc above the 176-seat majority threshold in the November 29 snap election. Pedro Sánchez called the early vote after Congress rejected two housing decrees, leaving his minority PSOE government exposed to further defeats and contributing to the 11.1% price on his re-election. Fragmentation on the left, including stalled alliances involving Sumar, has narrowed options for a renewed PSOE-led coalition, while Feijóo has signaled openness to parliamentary support from Vox to form a government. The market resolves on the first individual formally invested after the vote, with most other named candidates priced near 50% or lower amid limited movement ahead of election night.