The European Parliament just pushed Mercosur back to the courts. After 25 years of negotiation, the South American trade deal now faces judicial review from the bloc's top judges—another potential roadblock in what's already been a marathon process. This kind of policy friction doesn't just affect traditional markets; geopolitical trade tensions typically spill over into commodity prices, currency volatility, and broader risk-on/risk-off sentiment. Worth watching if you're thinking about macro positioning and how trade dynamics might influence capital flows.