Markets and geopolitics set the tone today, with business sentiment darkening as political strains and risk aversion spread across regions. In South America, Brazil recalled its ambassador to Argentina after President Javier Milei publicly insulted Luiz Inácio Lula da Silva and a Brazilian Supreme Court justice, injecting fresh uncertainty into an important bilateral relationship. In India, investors endured a bruising week as nine of the country’s 10 most valuable listed firms lost a combined Rs 2.74 lakh crore in market value, led by a steep selloff in HDFC Bank amid margin concerns and broader pressure from oil prices, rupee weakness and geopolitical nerves. In Europe, Berlin’s deadly Pride vehicle attack is being treated as terrorism, adding to security anxieties. Meanwhile, the Kremlin struck a cautious note on reported U.S.-Ukraine air-ceasefire discussions, saying it needs more details before responding.