"Relative to the potential political and humanitarian consequences of an escalating conflict between Iran and a US-Saudi alliance, markets have reacted fairly calmly so far," wrote Berenberg economist Holger Schmieding in a note.Auto stocks also shone after British carmaker Rolls-Royce marked a 25 per cent jump in 2019 sales, giving some comfort to a sector that has been plagued by slowing global demand.
But without a solid majority in parliament, the coalition may struggle to pass legislation and will need to negotiate with other parties on a case by case basis. "The Spanish economy could probably cope with a weak left-left coalition that fails to get much done. Spain may gradually cease to outperform the remainder of the Eurozone," Mr Schmieding added.
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