Spanish Prime Minister Pedro Sanchez has announced snap parliamentary elections in July, hours after his ruling Socialists suffered major setbacks in regional and local elections.

In a nationally televised statement, Sanchez said he had informed Spain's King Felipe, the head of state, to hold parliamentary elections July 23, and that an extraordinary cabinet meeting would be held later Monday to approve the decision.

The conservative Popular Party made huge gains in Sunday's elections, defeating incumbent Socialists in numerous key regional and city governments, including in the Valencia regional government in the east of the country and Seville city hall in the south.

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