Spain’s 10-Year Yield Hovers Around 2013-Highs

Spain’s 10-year Obligacion yield was around 4.10%, holding close to its highest since December 2013, after the Spanish government announced a snap election. Prime Minister Pedro Sánchez called a snap election for November 29 following mass protests over rising housing costs, just days after right-wing parties blocked emergency housing measures proposed by his minority government. Recent polls suggest the elections could result in a right-wing coalition government between Spain's main conservative People's Party and the anti-immigration Vox party. Meanwhile, France remains a key source of uncertainty, with investors questioning the government’s ability to reduce its budget deficit and secure parliamentary backing for its fiscal plans ahead of next year’s election.