By Mike Dolan March 5 - What matters in U.S. and global markets today By Mike Dolan, Editor-At-Large, Finance and Markets Asian markets snapped back on Thursday, with South Korea’s KOSPI rising by almost 10%,

Even so, oil production cuts in the Middle East are deepening, shaving about 6% off global supply. The Strait of Hormuz chokepoint remains at a near-standstill. Some of the world’s biggest hedge funds suffered hundreds of millions of dollars in losses last week after the war against Iran hit portfolios across the industry.

Bitcoin has outperformed precious metals and U.S. equities since the war in Iran first began, softening sentiment after a rough start to the year.