JSE faces weaker Asian markets on Tuesday as energy costs rise

Rising oil and coal prices are stoking the concern that accelerating inflation will not be temporary and weighing on the global growth outlookThe JSE looks set to contend with weaker Asian markets on Tuesday morning, with rising energy costs fuelling concern over rising price pressure.

Both India and China, the world's most populous countries, are battling with coal shortages, while tight supplies of natural gas have also become a theme on markets recently.and on Monday coal futures in China jumped by more than 10% to a new record, after reports that heavy flooding in a major producing province had knocked out a number of coal mines, National Australia Bank analyst Tapas Strickland said in a note.

In morning trade the Shanghai Composite was down 1.04%, the Hang Seng 1.02% and Japan’s Nikkei 0.95%.Gold was up 0.23% to $1,757.30/oz while platinum had gained 0.29% to $1,009.45. Brent crude was little changed at $83.62 a barrel.The corporate calendar is bare on Tuesday, while mining and manufacturing figures for August due out later should give some additional insights into SA’s third-quarter economic performance.

Source: Energy Industry News (energyindustrynews.net)

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