Old Mutual backs Footgear’s plans to buy Edcon’s active stores - Bloomberg 

Old Mutual's private equity arm is backing a plan by Footgear to buy a unit of Edcon in Southern Africa to create one of the region’s largest sports and casual wear businesses.

Footgear plans to combine Edcon’s Edgars Active and High Key assets and rebrand existing stores under the Footgear name, in which Old Mutual holds a majority stake. The deal would be funded from a R3.7bn fund ($265m) previously raised by the Johannesburg-based insurer.

The rand has continued to hold below the R14.00/$ mark.

By 10:42, the local unit was changing hands at R13.90 to the greenback.

"The rand is still holding below the R14.00/$ mark, with the US rate cut anticipation underlying the strength," said Peregrine Treasury Solutions's Bianca Botes.

"Chinese GDP released this morning was in line with expectations but, at 6.2% year-on-year in Q2 2019, indicated a slowdown in growth to levels last witnessed in 1992. The rest of the day is quiet on the data front, while markets will start focusing on the MPC rate decision due to take place on Thursday."

European, Asian stocks rise in busy week of earnings

Adam Haigh and Laura Curtis

European shares and US equity futures climbed alongside stocks in Asia at the start of a busy week for Federal Reserve speakers, corporate earnings and economic data.

Chemicals and automaker shares led the Stoxx Europe 500 higher while S&P 500 contracts advanced to a fresh record level.

Asian stocks rebounded from early losses, and the Australian dollar hit its highest in more than a week after indicators showed that China’s economy is stabilising.

Japanese markets were shut for a holiday, subduing trading in the region. Ten-year Treasuries slipped while most European bonds nudged higher. WTI crude oil held steady at about $60 a barrel.

Bitcoin tumbles as Trump critique tests stellar run for 2019

Joanna Ossinger, Bloomberg 

Bitcoin slumped in another large weekend move after US President Donald Trump’s criticism of cryptocurrencies late last week put the focus back on this year’s jump in prices.

The largest cryptocurrency has tumbled 15% since Friday to trade at $10 028.55 as of 8:54 a.m. in Hong Kong, after briefly falling as low as $9,980. Other coins also retreated: Ethereum dropped 23% and Litecoin fell 17%.

Bitcoin initially climbed 6.8% on Friday after Trump’s comments, but has since more than erased the gains. Trump wrote on Twitter Thursday that he is “not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” adding that “unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

He also criticised Facebook’s plans for the Libra digital currency.Bitcoin “continues to trade lower as comments from President Trump put downward pressure on the cryptocurrency,” said Alfonso Esparza, senior market analyst at Oanda in Toronto.

Drawing Trump’s ire does mean “it could fall further to $8 000, giving back all the gains made in June.”