Spain falls in political uncertainty after mixed election result

Spain has plunged into fresh political uncertainty after Sunday's election, in which no single party has attained majority and ideological difference sets them far apart.

Major opposition party, Socialists have won 22% of the vote, Ruling PP won 28.7% of the vote, left wing radical Podemos has gained big time to secure third place with 20.6% of vote and new comer Ciduadanos has won has won 13.9% of the vote.

It is more likely that conservative PP to try to form the government, however that won't be easy. Since they are in strong opposition to both socialists and radical left.

Next candidate is Socialist party, for which logical choice could be Podemos, however former's conservative (but not too extreme) ideas are in sharp contrast to Syriza style Podemos's anti-austerity, anti-Euro and anti-immigration stance. However, compared to the conservatives, their ideas are more streamlined to the other. Socialist leader Pedro Sanchez, said he is open to negotiation.

All in all, this election result means, political uncertainty to reel around Spain for weeks, if not months.

Market so far have shrugged off the result. Euro is up 0.03% against Dollar, trading at 1.086 against Dollar. However, Spanish 10 year bond is almost 7% higher, trading at 1.8%.