**PP leads decisively in trader consensus for Spain’s November 29 snap general election, reflecting consistent polling advantages and structural headwinds for the incumbent PSOE government.** Recent polls (early-to-mid October 2026) place the center-right Partido Popular (PP) at roughly 31–34% vote share, ahead of PSOE at 25–28% and Vox at 18–19%. Seat projections show PP as the largest party (typically 130–140 seats) while PP+Vox combinations reach or exceed the 176-seat majority threshold in most models. PSOE trails significantly behind its 2023 results, with its left-wing allies (Sumar/Podemos) fragmented and weakened. The snap election, called by Prime Minister Pedro Sánchez after Congress rejected housing decrees amid widespread protests over rents, evictions, and affordability, has amplified these trends. Additional pressures on the government include corruption cases involving PSOE figures, a July migrant surge into Ceuta, and voter fatigue with the minority coalition that has relied on regional nationalist support. PP leader Alberto Núñez Feijóo benefits from the right-wing bloc’s regional governing experience and clearer path to a stable parliamentary majority. With the election just weeks away and no major late shifts reported, traders price PP as the overwhelming favorite to emerge as the largest party and lead the next government, while PSOE’s path to retention remains narrow. Minor parties register lower implied probabilities due to Spain’s electoral system and limited national viability.