18,928.9IBEX 35 · Oct. 8 close · −0.99%

DailyDrop.

$1.1216EUR/USD · Oct. 9, 2:03 a.m. · 0.00%
IBEX 3518,928.90▼0.99%10/8EUR/USD1.1216-0.00%10/9S&P 5007,765.36▼0.47%10/8WTI$91.50▲3.60%10/8Gold$4,157.00▲0.20%10/8
Society · HousingPress ✓ 5 outlets · turnout with no official figure

Thousands march in Madrid for Maricarmen. Housing dominates the pre-campaign

Thursday’s march, from the Sol encampment to the dead woman’s flat, closes a day of recriminations between parties. The housing decrees, the Nov. 11 strike and the left’s lists all collide 51 days before the vote.

Thousands of people walked on Thursday evening from the Sol encampment to the flat of María del Carmen Abascal, “Maricarmen,” on Calle Alcalde Sáinz de Baranda, in the Retiro district. The 87-year-old woman, whose eviction set off the early election, died on Wednesday. The media do not agree on the size of the march: El Mundo speaks of “thousands” and Europa Press of “hundreds,” and the reports we reviewed give no official figure. El País recorded the marchers’ cry, “These are not deaths, they are murders!”, and the neighbors’ memory of her: “She was a very lively person. The eviction finished her off.” The cause of death has not been officially announced. The Sol encampment, which began after the big demonstration of Sept. 26, is still standing; even then the Government Delegation and the organizers disagreed over turnout, 25,000 people against 300,000 according to each side, the coverage of that day reported.

The protest did not stay in Madrid. El País reported that in Barcelona a vulnerable woman with two minor children was evicted the day after Maricarmen’s death; this comes from a single outlet and we have not been able to corroborate it. The BBC reported that the marchers blame the housing crisis on “vulture funds,” and Reuters described how Spanish politicians are trading blame over the elderly woman’s death, which has become a symbol of the movement.

The debate has moved to the housing decrees that the press already knows by her name. El Mundo explains that rental listings have fallen since their approval because of a precautionary withdrawal of supply: landlords are taking flats off the market for fear of regulation. This is one newspaper’s reading and does not mean rents cost less. One of the decrees is in force; the one extending rental contracts depends on the Standing Committee (Diputación Permanente), which has until Nov. 14.

On the electoral chessboard, El Mundo reports that Ada Colau and Montero are talking directly to unblock the integration of Podemos into the Broad Front, and El País that the ERC leadership is preparing the scenario of a ticket without Rufián; ERC has not announced any break. The PP’s Borja Sémper told El País that “the PP is not going to get another chance.” Meanwhile, the general strike of Nov. 11 is still on, and El Mundo is already publishing a guide to rights for workers and companies.

There are 51 days to go until Nov. 29, and housing is the axis of the campaign. Today it is worth watching whether the Government or the Community of Madrid spell out measures for evictions already under way, whether the strike adds more unions, and how the parties respond to the pressure from the street, which has not died down since September.

Unfold the story and DailyDrop’s take
By the numbers
51days until the Nov. 29 election
Nov. 11date of the general strike over housing
Nov. 14deadline for the Standing Committee on the rent decree
MarketsPress ✓ 3 outlets + closing quote · closing figures

The IBEX settles at 18,928.9 points, a low since June. Wall Street slips with crude and bonds

The IBEX 35 closed on Thursday down 0.99% at 18,928.9 points, losing the 19,000 mark at its lowest level since June, according to Expansión. It is the second straight session of losses in a benchmark index that had risen sharply when the early election was announced.

With Europe already closed, the S&P 500 fell 0.47% to 7,765.36 points and the Nasdaq 1.25% to 27,193.34; the Dow Jones rose 0.10% to 51,231.64. Reuters blamed the sell-off on higher yields and oil, which stoke the risk of inflation. Bloomberg added the blow to tech stocks after the Financial Times reported that OpenAI’s annualized revenue is about $20 billion lower than announced; Expansión puts it at 30% less.

The U.S. ten-year bond closed at 5.231%, 4.6 basis points lower, after a 30-year auction found solid demand, according to Reuters. A barrel of West Texas rose 3.6% to about $91.5 on the attacks in Hormuz, and gold gained 0.2% to about $4,157 an ounce. At the Federal Reserve, Musalem argued that interest rates should rise over the next six to nine months (Bloomberg) and Waller that more hikes are needed, with “flexibility” on the pace (Reuters). For anyone with a variable-rate mortgage, expensive crude and tougher central banks are a bad recipe for the Euribor.

Unfold
Word of the day
basis pointMarkets

One hundredth of a percentage point. Four and a half basis points equal 0.045 points of yield on a bond.


Elections · CourtsPress ✓ 3 outlets · Supreme Court decision pending

Government asks Supreme Court to let those naturalized under the ‘Grandchildren’s Law’ vote on Nov. 29

The State Attorney’s Office (Abogacía del Estado) asked the Supreme Court to lift the suspension of the vote tied to the ‘Grandchildren’s Law’ because the election is so close, according to El País and El Mundo. In September, at the request of Vox and Iustitia Europa, the Supreme Court had suspended the effects of registration on the electoral roll of those who cannot directly prove the exile of their ancestors (Euronews, Legal Today).

Minister Félix Bolaños warned that, without the law, the country will go to the polls with “an altered electoral roll,” El Mundo reported. Isabel Díaz Ayuso, for her part, opened a committee on the law in the Madrid Assembly and said that “it must be studied very carefully,” amid the controversy over the postal vote. The Supreme Court has not yet responded.

Unfold
World · Middle EastPress ✓ 4 outlets · military plan unconfirmed

Trump rules out attacking Iran before the midterms. Houthis strike Riyadh airport

Donald Trump wrote that he will not attack Iran “at any time” before the midterm elections and that he is holding “productive conversations,” according to Reuters, the Financial Times, Bloomberg and Expansión. Even so, crude jumped during the day on the attacks in the Strait of Hormuz, and Reuters warns that Iran is threatening to block more routes.

The Houthis claimed a new attack on the Saudi capital’s airport, with witnesses speaking of an evacuation (AP), and Reuters reported smoke over an aircraft at the airport. Lufthansa and Indian airlines suspended their flights to Riyadh. The New York Times, cited by FinancialJuice, says the Pentagon is preparing a three-day plan of strikes; this is a single outlet and is not confirmed.

Unfold

Economy · European UnionPress ✓ 3 outlets · positions of the Commission and the Eurogroup

Brussels shuts the door on more fiscal flexibility over the energy crisis and calls for spending restraint

The European Commission rules out giving countries more fiscal flexibility over the energy crisis, according to Expansión, and demands spending restraint in the face of market pressure on sovereign debt, El País reported. Reuters adds that euro-area ministers will tell France to pass its 2027 budget to calm the markets.

Commissioner Valdis Dombrovskis said he was “attentive but not alarmed” by euro debt spreads, and Christine Lagarde said the ECB has tools to fight unjustified market dynamics (FinancialJuice, a single outlet). For Spain, which votes on Nov. 29, it means the next Government will inherit a narrow margin.

Unfold
In brief
  • An 18-year-old is arrested over the death of surgeon Alexander Aslani at his clinic in Marbella.El Mundo
  • Prosecutors seek 12 years in prison for the doctor who treated Maradona before his death.El País
  • The Mossos arrest six people for leaving a young Italian man in a coma outside a nightclub in Sant Adrià.El Mundo
  • American Express fined $350 million over failures in its anti-money-laundering program.Reuters · Financial Times
  • A lackluster Real Madrid wins at home in the EuroLeague.El Mundo
  • NBA star Shai Gilgeous-Alexander becomes a shareholder of Atlético de Madrid.El País
  • The UN expects El Niño to intensify and last until February 2027.Reuters
Seven minutes every morning, one front page — see About

Unverified — what we could not confirm

“ERC has already broken with Rufián.” No. El País reports that the leadership is preparing the scenario of a ticket without him; ERC has not announced any break.
“The housing decrees have made rents cheaper.” No. El Mundo speaks of fewer listings because of a precautionary withdrawal of supply, not of lower prices.
“Trump will never attack Iran.” No. His pledge is limited to the period before the midterm elections; The New York Times points to military plans on the table.
Glossary · dotted words — economics, law, security and science terms explained in the context of the story. The list grows every day.
INSIDEThousands march in Madrid for Maricarmen. Housing dominates the pre-campaignSociety · HousingThe IBEX settles at 18,928.9 points, a low since June. Wall Street slips with crude and bondsMarketsGovernment asks Supreme Court to let those naturalized under the ‘Grandchildren’s Law’ vote on Nov. 29Elections · CourtsTrump rules out attacking Iran before the midterms. Houthis strike Riyadh airportWorld · Middle EastBrussels shuts the door on more fiscal flexibility over the energy crisis and calls for spending restraintEconomy · European Union