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Spain PM to start formal process that may lead to Catalan government suspension

Spanish Prime Minister Mariano Rajoy said the cabinet will formally request the Catalan government to confirm whether it declared independence from Spain on Oct. 10, Bloomberg News reported.

The formal demand is a requirement for potentially activating Article 155 of the Spanish constitution that would allow the Spanish government to suspend Catalonia's regional government and impose direct rule.

Rajoy's announcement came after Catalan President Carles Puigdemont said the region had voted to secede from Spain but was delaying putting independence into effect, seeking dialogue with the Spanish government.

Catalan government spokesman Jordi Turull has said that the Catalan government would press ahead with independence if the Spanish government implements Article 155, Reuters reported.

Spain's benchmark index, IBEX 35, was up 1.52% to 10,296.50 as of 7:16 a.m. ET, while yields on 10-year Spanish bonds were down 2 basis points at 1.66% as of 7:32 a.m. ET.