Following October lows, markets set to rise until next peak in 2004

America has attacked Iraq with support from a large number of countries but without the backing of the United Nations. This outcome was rather less market-friendly than the one that we had anticipated but the markets have conformed to our predictions nonetheless ' the oil price has dropped sharply, equities have rallied, bonds have fallen and the dollar has started to recover. Although the market environment remains one of high risk, the early signs are that the commencement of hostilities marked a major turning point for the markets. The good news is that the falling oil price (it i...