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Weekly news summary for August 20 to 26

Friday, Aug. 20: UK Natural Gas Falls as Gazprom Signals Relief

European natural gas prices dropped after Russian energy giant Gazprom PJSC said the new Nord Stream 2 pipeline could start transporting gas before the end of 2021.

UK Natural Gas futures decline 10.6%, although it stayed close to historic peaks following a strong rally this year, supported by Gazprom cutting supplies in central and western Europe.

Monday, Aug. 23: Binance Refutes Claims of Market Manipulation

Binance on Monday denied allegations of manipulating the cryptocurrency market and trading against their users, signaling legal action against those who create fear, uncertainty, and doubt and individuals with malicious intent.

The statement came after a Twitter user named RealFulltimeApe, who claimed to be an ex-big data engineer at Binance, alleged that the exchange “keeps an overview of big liq levels and purposely pumps/dumps the price to take them out for profit.”

Tuesday, Aug. 24: Chinese Tech Stocks Extend Rally for a Second Day

Chinese tech stocks extended their rally on Tuesday, as sentiment strengthened on share repurchase of Tencent Holdings Ltd. and a stake boost of Cathie Wood’s Ark Invest Management LLC in JD.com Inc. following better-than-expected earnings in the second quarter.

The Hang Seng Tech Index continued to rise to as much as 5.3%, increasing Monday’s gains of over 2%, after going through a five-week decline that pushed the gauge to the lowest since establishment in 2020.

Wednesday, Aug. 25: House Approves $3.5 Trillion Budget Framework

The US House of Representatives has approved a $3.5-trillion budget framework in a 220-212 vote, a move that would lead to a wide expansion of social and climate programs.

The passage of the blueprint paves the way to a reconciliation process that enables Democrats to approve a broad set of healthcare, education, and climate aids in the Senate without the Republican Party backing it, provided that all 50 Senate Democrats support it.

Thursday, Aug. 26: BOK Raises Rates as Consumer Debt Threats Grow 

The Bank of Korea (BOK) raised its key interest rate for the first time in nearly three years on Thursday, becoming the first developed economy and Asian central bank to make such a move in a pandemic era, as growing consumer debt posed new risks for the economy.

The BOK lifted its benchmark interest rate by 25 basis points to 0.75% and adjusted its inflation forecast to 2.1% from 1.8%, while the KOSPI index took a steep drop following the decision, and the South Korean won climbed.

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