Spain’s IBEX 35 opens 0.7% higher at 9,866.90

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Spanish Prime Minister Rajoy admits defeats head of no-confidence vote

Spanish Prime Minister Mariano Rajoy has admitted defeat ahead of no-confidence vote to be held in parliament, according to media reports Friday. “It has been an honor to be president of the Government of Spain,” Rajoy said in Congress, according to Spain’s El Pais newspaper. Rajoy acknowledged he would be replaced after the opposition Socialist Party won enough support from lawmakers to hold the no-confidence vote, which was prompted by corruption convictions for senior members of Rajoy’s People’s Party. “Pedro Sánchez will be the prime minister of the government and I want to be the first to congratulate him,” said Rajoy, referring to the Socialist Party’s chief, according to El Pais.

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