Good Morning and Happy Monday from Cumberland APAC! Macro remains focused on Israel and Iran, but there is a sense—at least in markets—that the initial shock is wearing off. Crude futures are back to around $81, down from the elevated $87 level where they traded last week; this level indicates that while the conflict is not over, it doesn’t have as much risk of spilling into outright chaos. Nobody on any side of the conflict wants the flow of oil to be disrupted, and so it probably won’t be, unless things slip into a faster market.

For the most part, crypto markets have calmed down, with volatility still on the high side but mostly waiting for the next directional cue. There remains high correlation within crypto, which is expected during...