The United States dollar and gold, traditional safe-havens in times of crisis, fell sharply in early trading in Europe Thursday after war erupted in the Gulf. European stock markets jumped on hopes the war would be short. The dollar slumped to 1.52 marks and 134 yen by mid-morning in Europe after closing Wednesday at 1.55 marks and 137 yen. Gold plunged $20.50 to $382.50 an ounce.

Tokyo's Nikkei stock average surged almost 5 percent. Some warned that markets could reverse course if hopes of speedy victory falter.

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