The bigger threat still lurking

摘要

Stockmarkets could not resist a brief cheer at the beginning of the week, as American troops reached the centre of Baghdad and a military victory in Iraq seemed near. On April 7th the main markets in America and Europe rose sharply. But then they had second thoughts. Next day, most of the gains were clawed back. Even as the uncertainty of war dissipated, investors could see more starkly that the outlook for the world economy remains far from cheery.