Pedro Sánchez continues to lead a minority government amid ongoing corruption investigations targeting PSOE figures, his wife Begoña Gómez, and his brother, alongside a non-binding June 2026 congressional resolution urging his resignation. The late-July surge of migrants into Ceuta has triggered internal ministerial disagreements over intelligence warnings and drawn opposition criticism, prompting his scheduled September 9 parliamentary appearance. Loss of Junts support since late 2025 has left the administration without a stable majority, forcing repeated budget extensions and limiting legislative progress. Sánchez has reaffirmed his intent to present 2027 budgets and reach the August 2027 election deadline, while party structures have backed him against early challenges. Traders weigh these pressures against his record of surviving prior crises and the absence of a viable no-confidence motion.