DB: In response to the war in the Middle East, oil prices have reacted sharply but moves in other asset classes have been relatively contained, reflecting in our reading a modest cut in both longs and shorts.

Across asset classes as well as within equities, the moves this week are strongly and negatively correlated (-55%) simply with the performance coming in over the prior 3 months, both up and down, suggesting an unwind of positioning built up previously rather than with changes in fundamental drivers.

In our reading, just over a quarter of the prior moves have now been unwound.