Allies hail Bush's return

While US allies across the world hailed Bush's re-election as victory for war on terror, others feared it could lead to more global turmoil.

American allies across the world hailed the re-election of US President George W Bush as a victory for the global war on terror and expressed hope his second term would help defuse nuclear tensions on the Korean Peninsula.

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Others feared a second Bush term could lead to more global turmoil. Any lingering doubts over whether Bush would be back for four more years, were swept away with Senator John Kerry conceding defeat and Bush claiming victory.

"It's a victory for the anti-terrorism cause," Australian Prime Minister John Howard, a staunch US ally and friend of Bush said in Sydney on Thursday. "This is a strong reaffirmation of his leadership of the United States in its fight against global terrorism."

"It's a signal to the rest of the world that it must redouble its efforts to unite to combat the threat that terrorism represents," Howard added.

Stock markets in Japan, New Zealand and Australia rose as did their currencies against the US dollar, which slipped on fears that a second Bush term will do little to help wind back the American budget deficit.

In Seoul, the government said in a statement it "hopes that the second term of the Bush administration will continue to cooperate with its allies to secure peace and prosperity in the world including on the Korean Peninsula."