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Spain's Socialist leader Pedro Sanchez. Photo: A. Ware/NurPhoto via Getty Images

Spain held its third election since 2015 over the weekend with the country's Socialist party declared the winners. Left-leaning allies also secured victories, but Socialist leader Pedro Sanchez still looks to be a few seats short of the needed majority to form a ruling coalition.

The intrigue: The election came on the heels of recent data showing Spain's unemployment rate, long bottom of the barrel in developed Europe, had posted its biggest quarter-on-quarter increase in 6 years. Economists had actually projected Spain's unemployment rate would fall, but it rose to 14.7%.

  • The country's economy has grown every year since 2013 and the unemployment rate fell to a 10-year low in October.
  • Spain created just under 600,000 jobs over the past 12 months, the biggest one-year gain since the summer of 2007, before the start of the country's economic crisis, which essentially lasted for 6 years.

The bottom line: The pickup in Spain's unemployment rate and growing divisions in its parliament could signal more problems for the euro zone, which is already full of them.

Go deeper: Socialists win Spain election as far-right party enters parliament for 1st time

Go deeper

32 mins ago - Politics & Policy

Trump leaves White House for the final time

President Trump took off on Marine One at 8:17 a.m on Wednesday morning, departing the White House for the last time, en route to Florida.

The big picture: Trump's final hours will be marked by snubbing his successor and granting pardons to many of his allies who have been swept up in corruption scandals.

Inauguration Day dashboard

Screenshot: Fox News

President Trump has left the White House en route to a farewell event at Andrews Air Force Base, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.