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Good morning. Gridlock in Spain’s election, the ECB’s outlook and Tesla laps German automakers. Here’s what people are talking about.
Prime Minister Pedro Sanchez engineered a late swing during the final days of the Spanish election campaign to deny his right-wing opponents a majority in parliament. While the center-right People’s Party won the most seats, the right-wing bloc has only 170 in total and needed 176 to oust the 51-year-old Socialist. With a wider range of potential partners, Sanchez could potentially muster 172 votes. Sanchez and PP leader Alberto Nunez Feijoo both claimed victory as they addressed their supporters after the count, but it’s Sanchez who has the upper hand. That uncertainty may roil Spanish assets in the short term, according to JPMorgan, which last week warned that an inconclusive vote would be the worst outcome for investors.