The Catalan crisis has escalated very quickly since the clashes on Sunday. On Tuesday, a "total stoppage" saw a strike, more mass protests and more than 50 blockades of roads and motorways across the region.

On Tuesday night, King Felipe [made a stern statement to the nation][king] condemning Catalan separatist leaders and promising Spaniards that the Spanish Crown would see the rule of law and Constitution upheld to defend the rights of all Spaniards.

On Wednesday, Spain's leading stock index fell 2.85%, with two banks, Sabadell and Caixabank, and a real-estate company, Inmobiliaria ...