GLOBAL - Decisive military action against Iraq has boosted investor confidence in rallying stock markets, Schroder Investment Management claims.
London stocks rallied for the third successive day yesterday as troops advanced on Baghdad. The FTSE 100 closed 0.5% higher at 3,771.1.
But the fund manager warned that this positive outlook would be scuppered if Britain or the US spend irrationally on the conflict.
Schroders’ chief economist Keith Wade explained: “Particularly worrying is the absence of any financial strategy from the Bush administration to match the plans being put together by the military.”
Fears of a prolonged war and potential terrorist threats saw investor confidence in airline equities plummet again.
British Airways announced route cuts and a new job reduction programme.
The development at BA – triggered by the war in Iraq – has ignited calls for the UK government to offer beleaguered British airlines financial assistance.
General secretary of the UK union T&G, Bill Morris, said: “It is now time for the UK government to call together UK airlines and key stakeholders to ensure that our aviation industry gets the same support as our major competitors.”
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