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A sudden military flare-up between India and Pakistan, two nuclear-armed nations, is raising alarms across global markets. The recent tensions were ignited by a militant attack in Indian-administered Kashmir on April 22, which claimed 26 civilian lives. India quickly accused Pakistan of harboring the attackers, resulting in unprecedented air strikes targeting what India termed “terror camps” within Pakistani territory. Pakistan retaliated by claiming the downing of five Indian military jets and asserted that its military was authorized to react at a time of its choosing.