The market is taking it as sign that war will be delayed. But I'd rather wait for the Powell rebuttal before I make my mind up. The U.N. basically appears to be rejecting the Powell view.

This is a one-off boom. From here on, there will be a bigger diversification of investments.

Market nerves are ragged. Its like Chinese water torture. We thought we'd have resolution from Blix, then we thought (U.S. Secretary of State Colin) Powell was going to give the definitive statement and now its dragging on until next Friday.

It's hard to be enthusiastic about the consumer goods sector in Europe, which is being squeezed by global competition and flagging consumer demand.

After the war there is going to be a sharp reckoning, and I suspect markets will have to correct to account for the fact that corporate earnings are looking extremely rocky and economic numbers on both sides of the Atlantic don't look great at all.

Economic data is currently pointing to a double-dip recession. ... Investors are feeling bullet-proof at the moment but with most professionals away on holiday we expect the selling to begin again by the end of the month.