Prime Minister Pedro Sánchez has repeatedly stated his intent to complete the current legislative term through 2027, citing economic stability and foreign policy priorities despite coalition strains with parties such as Junts and the lack of an updated national budget since 2023. Regional elections in Extremadura, Aragón, and Andalusia have tested PSOE support without prompting dissolution of the Cortes Generales, while opposition demands for early polls tied to corruption investigations have been rejected. These dynamics, alongside Sánchez’s prior pattern of exhausting full terms, underpin trader consensus against a national snap election in 2026. No scheduled votes or procedural triggers within the resolution window appear likely to alter this positioning absent a sudden parliamentary breakdown.