Allies advance sends markets soaring

THE rattle of Abrams tank tracks on the streets of central Baghdad sent shares and the dollar soaring while hitting the price of gold and oil.

The textbook reaction of the market to the successes of the Anglo-American forces in the Iraqi capital, as well as the country’s second-largest city Basra, sets the scene for further gains for investors this week, if the war goes according to the allies’ plan.

The coalition’s successes and failures will be marked on world markets very keenly in the coming days.