Stock markets advanced in Asia and Europe today on the coat-tails of Wall Street amid hopes of a post-war recovery in the world economy and company profits.
The dollar also gained from the prospect of a pick-up in spending by consumers and businesses, while oil prices slipped on expectations of a resumption of Iraqi crude exports.
Investors have largely turned their attention away from Iraq but they were following Washington's verbal attacks on neighbouring Syria, which has been accused of state terrorism, developing weapons of mass destruction and harbouring fugitive Iraqi officials.
On European stock markets, the British FTSE 100 index gained 1.4 per cent to 3,901.4 points, the German DAX 30 index added 2.4 per cent to 2,843.1 points and the French CAC 40 index won 2.3 per cent to 2,940.9 points.
After the fall of Saddam Hussein's hometown of Tikrit yesterday, investors were hopeful that the US-led war on Iraq was largely completed, paving the way for a rebound in consumer and business activity.
Investors were also cheered by results from US financial heavyweights such as Citigroup and Bank of America that helped lift the Dow Jones industrials average by 1.8 per cent and the technology-laden Nasdaq by 1.9 per cent on yesterday.
The Japanese Nikkei-225 average added 1.12 per cent to end the day at 7,838.83 points. Share prices in Hong Kong won 1.15 per cent, with the Hang Seng index closing at 8,632.10 points.
The dollar crept higher against other leading currencies on hopes the US economy is on the mend, though gains were limited by fears over US tensions with Syria.
AFP