Politics and markets are colliding across several fronts today. In Spain, a judge’s decision to send Prime Minister Pedro Sánchez’s wife to trial on corruption-related charges deepens pressure on a government already under scrutiny, underscoring how legal risk can quickly become political and economic uncertainty. In Europe, Giorgia Meloni’s very public spat with Donald Trump adds another note of instability to an already noisy international backdrop. Meanwhile, attention is fixed on Switzerland, where US and Iranian officials are trying to turn a fragile understanding into a workable arrangement even as they openly clash over the Strait of Hormuz, a critical artery for global energy trade. That tension matters for investors everywhere, including in India, where easing geopolitical nerves and softer oil prices helped spark a strong equity rally, adding roughly ₹2.15 lakh crore to the value of nine of the country’s 10 biggest listed firms.