Catalonia will declare independence from Spain after holding a parliamentary session on Oct. 9 to evaluate the results of the Oct. 1 referendum, Reuters reported, citing a tweet from Mireia Boya, a lawmaker from the pro-independence Popular Unity Candidacy party.
Catalan President Carles Puigdemont earlier said the Spanish government's refusal to negotiate left no other course for Catalonia than to declare independence. Spain's King Felipe VI said Catalan secessionist leaders were shattering democratic principles and dividing Catalan society.
An influential Catalan business lobby, Cercle d'Economia, asked both sides to start talks, saying it was worried by the prospect of independence.
Spanish stocks and bonds have been hit by the constitutional crisis in the eurozone's fourth-biggest economy. Spain's IBEX 35 stock index fell below 10,000 points on Oct. 4 for the first time since March 2015. It was down 2.85% to 9,964.90 as of 11:38 a.m. ET on Oct. 4.