Spanish Snap Election, Middle East Oil Volatility, and China's Tight Coal Market

The last few weeks of British political discourse have been replete with speculation as to whether Prime Minister Andy Burnham will call a snap general election or wait it out until 2029 after the current parliament runs its course. Number Ten might be deliberating on that question for a while yet, but another western European leader has taken the plunge. This morning, Spanish Prime Minister Pedro Sánchez called a snap general election for 29 November, pre-empting a vote which was otherwise scheduled for next summer.

Sánchez – Spain’s PM since 2018 – has been feted by left wingers across the world as a bulwark of progressivism against the tide of right-wing populism spreading across the continent. Indeed, outside Spain, Sánchez is best known for his defiance of US President Donald Trump on defence spending and for his strident criticism of Israel’s war in Gaza. Domestically, though, his position is more…