Update

Ok, folks here you go:

There’s your geopolitical black swan that “can’t happen.”

Rajoy is not amused:

Spanish stocks have moved lower still.

And EUR/JPY is at a new low:

Here’s yields:

And here’s thousands of people running around in the streets:

DEVELOPING: A protest is underway in Barcelona as Catalonia’s regional parliament declares independence from Spain https://t.co/8YSuI1k824 pic.twitter.com/JOQT90gBdZ

— CBS News (@CBSNews) October 27, 2017

En Girona gritos de Independencia, “fuera, fuera la bandera española” y se cantan Els Segadors pic.twitter.com/9gWiMx7CfK

— Marta Rodriguez Font (@MartaRodriguezF) October 27, 2017

Sí. Hem guanyat la llibertat per construir un nou país.

— Oriol Junqueras (@junqueras) October 27, 2017

what i said last weekend about Catalonia and Article 155 for some comic relief.. pic.twitter.com/2YkVLn0ckr

— Walter White (@heisenbergrpt) October 27, 2017

Stay tuned…

Earlier

Just a quick note: in case you were wondering whether things are “fixed” in Spain, the answer is definitely no.

After a truly absurd session on Thursday, the IBEX is now down something like 1.4%, its worst day since the immediate aftermath of the referendum with lenders including Sabadell, CaixaBank and BBVA leading the non-charge:

As Bloomberg sums up, the Spanish senate is “due to vote later today on measures that will give Rajoy the constitutional power to forcibly eject the Catalan leadership [while] lawmakers in Catalonia are preparing to vote on a declaration of independence.” This pretty much captures the mood:

You’ve got to like that assessment because it’s got something for everyone. Even if you don’t think it’s #sad, you’d have to agree it’s dramatic.