It's not yet noon and the JSE is down 3.52% on low levels. R/$ rate is 7.16 which impacts on how affordable oil is for us. There is a confluence of events at work domestically, including the perception overseas of South Africa's energy problems (Manuel has been one voice of sanity though, saying: let's call it what it is - it's not load shedding but rolling blackouts).
The subprime woes overseas and the perception that the US is now on track for a recession - something that I have suggested on the cards for a few years now - is finally happening.
Oil prices are receding as demand recedes, but obviously demand remains fairly inelastic. Expect more bad news, and then for it to go from bad to worse. This is simply Peak Oil theory at work, not pessimism. It's reality, and unfortunately we will begin to realise that we cannot grow forever, we never could.
JSE sharply lower on global fears