Events are getting more complicated in........>

SPAIN: Events are getting more complicated in Spain with a first headline that

Spain's top court suspends Catalan Parliamentary session Monday and then that

"Catalans are stalling independence as leaders divided" (BBG)

- The second headline might trump the first because blocking entry to Parliament

would have required a police force to stop entry of Parliamentarians and

supporters on Monday potentially prompting another bout of public unrest. 

- Catalan politics is complex with the two major Catalan pro-independence

parties sitting on far-left and far-right of the political spectrum, agreeing on

independence but little else. Fresh regional elections may be needed to resolve

many issues.

- Spanish bonds performed well today after Catalan leader, Puigdemont failed to

mention secession in a long speech he gave last night, which instead

concentrated on the King's intervention. In the past 15 minutes, talk of delay

to the independence declaration has helped another 6bp of tightening of the

spread to Germany bringing the total tightening today to 10bp, not bad for a

supply day.