The regional parliament of Catalonia declared independence from Spain on Friday, just minutes before Madrid officially imposed direct rule on the region.
The independence motion passed in the Catalan assembly in Barcelona with 70 votes in favor, 10 against and 2 blank ballots, according to Reuters. The parliament is typically 135 members strong but politicians from the Socialist Party, the People's Party (PP) and the Ciudadanos party abstained in protest.
Spain's IBEX closed the Friday trading session down about 1 percent with Spanish banks leading the losses. At 4:30 p.m. Madrid time (11:30 a.m. EDT), the euro had dipped below the $1.16 handle and was about 0.6 percent lower for the session.