Leaving BNY Website

 

You are leaving the BNY Mellon's Depositary Receipts' Website.
Linked sites are not under the control of The Bank of New York Mellon Corporation or any of its subsidiaries or affiliates (together, the "Company") and the Company is not responsible for the content of any linked site or any link contained in a linked site. If you choose to link to a website not controlled by the Company, you do so entirely at your own risk and the Company makes no warranties, either express or implied, concerning the content of such site, including the accuracy, completeness, reliability or suitability thereof for any particular purpose, nor does the Company warrant that such site or content is free from any claims of copyright, trademark or other infringement of the rights of third parties or that such site or content is devoid of viruses or other contamination. The Company does not guarantee the authenticity of documents on the Internet. Links to other sites do not imply any endorsement of or responsibility for the opinions, ideas, products, information or services offered at such sites, or any representation regarding the content at such sites. The Company reserves the right to terminate any link at any time.

Do you wish to continue to the linked site on these terms?

Stay On Page
Leave Page

© 2025 The Bank of New York Mellon Corporation

Depositary Receipt business and services are conducted through The Bank of New York Mellon.

BNY - DR Legal Disclaimer
  

To learn more about DRs, please contact DRBrokerSolutions@bny.com.

 

The information and data provided herein are provided for general informational purposes only.  BNY does not warrant or guarantee the accuracy, timeliness or completeness of any such information or data.  BNY does not undertake any obligation to update or amend any information or data, and may change, update or amend any information or data at any time without prior notice.

 

BNY provides no advice, recommendation or endorsement with respect to any company or securities.  No information or data is intended to provide legal, tax, accounting, investment, financial, trading or other advice on any matter, and is not to be used as such.  We expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon any information or data, including market value loss on the sale or purchase of securities or other instruments or obligations.

 

Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.

 

BNY collects fees from DR holders pursuant to the terms and conditions of the DRs and any deposit agreement under which they are issued.  From time to time, BNY may make payments to an issuer to reimburse and/or share revenue from the fees collected from DR holders, or waive fees and expenses to an issuer for services provided, generally related to costs and expenses arising out of establishment and maintenance of the DR program.  BNY may pay a rebate to brokers in connection with unsponsored DR issuances; brokers may or may not disclose or pass back some or all of such rebate to the DR investor.  BNY may also use brokers, dealers or other service providers that are affiliates and that may earn or share fees and commissions.

 

BNY may execute DR foreign currency transactions itself or through its affiliates, or the Custodian or the underlying Company may execute foreign currency transactions and pay US dollars to BNY.  In those instances where it executes DR foreign currency transactions itself or through its affiliates, BNY acts as principal counterparty and not as agent, advisor, broker or fiduciary.  In such cases, BNY  has no obligation to obtain the most favorable exchange rate, makes no representation that the rate is a favorable rate and will not be liable for any direct or indirect losses associated with the rate. BNY earns and retains revenue on its executed foreign currency transactions based on, among other things, the difference between the rate it assigns to the transaction and the rate that it pays and receives for purchases and sales of currencies when buying or selling foreign currency for its own account.  The methodology used by BNY to determine DR conversion rates is available to registered Owners upon request or can be accessed here.  In those instances where BNY's Custodian executes DR foreign currency transactions, the Custodian has no obligation to obtain the most favorable exchange rate or that the method by which the rate will be determined will be the most favorable rate, and BNY makes no representation that the rate is a favorable rate and will not be liable for any direct or indirect losses associated with the rate.  In certain instances, BNY may receive dividends and other distributions from an issuer of securities underlying DRs in U.S. dollars rather than in a foreign currency.  In such cases, BNY will not engage in or be responsible for any foreign currency transactions and it makes no representation that the rate obtained by an issuer is a favorable rate and it will not be liable for any direct or indirect losses associated with the rate.

 

BNY is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle.  BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).

 

BNY's name, brand and/or trademarks may not be used, copied or reproduced without the prior express written consent of BNY.

 

DEPOSITARY RECEIPTS ARE NOT INSURED BY THE FDIC OR ANY OTHER GOVERNMENT AGENCY, ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF, AND ARE NOT GUARANTEED BY, BNY AND ARE SUBJECT TO INVESTMENT RISKS INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.

 

Please also see "Terms of Use."

ACCEPT

Please enable cookies in your browser if you wish to proceed.

Regulation S Disclaimer

 

Access To This Company Profile Is Restricted To Non-U.S. Persons Outside The United States Within The Meaning Of Regulation S Under The U.S. Securities Act Of 1933, As Amended (The "Securities Act").1

 

This company profile does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction or under any circumstances in which such offer or solicitation is unlawful.

 

Each person accessing this company profile, by so doing, will be deemed to have acknowledged that: (1) It is not a U.S. person (within the meaning of Regulation S under the Securities Act) and is located outside the U.S. (within the meaning of Regulation S under the Securities Act); and (2) Any securities described herein (A) have not been and will not be registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction and (B) may not be offered, sold, pledged or otherwise transferred except to persons outside the U.S. in accordance with Regulation S under the Securities Act pursuant to the terms of such securities.

 

If you agree with and accept the foregoing and the Terms of use governing this site, please select "Accept" below. Otherwise, press "Decline" to return to the previous page.

 

1 As defined in the Securities Act, the term "U.S Person" means: (1) any natural person resident in the United States; (2) any partnership or corporation organized or incorporated under the laws of the United States; (3) any estate of which any executor or administrator is a U.S. person; (4) any trust of which any trustee is a U.S. person; (5) any agency or branch of a foreign entity located in the United States; (6) any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person; (7) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States; and (8) any partnership or corporation if: (A) organized or incorporated under the laws of any foreign jurisdiction; and (B) formed by a U.S. person principally for the purpose of investing in securities not registered under the Securities Act, unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a)) who are not natural persons, estates or trusts.

I Accept Decline

© 2024 The Bank of New York Mellon Corporation
Depositary Receipt business and services are conducted through The Bank of New York Mellon.

Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.06%, Hang Seng (1.54%), Shanghai Composite (0.47%) as of 04:10 ET

Jun 20 ,2023

  • Synopsis:

    • Asian equities ended lower Tuesday as investors reacted negatively to a modest LPR cut in China. Hong Kong was worst off falling 1.5%, mainland markets were mixed. Australia higher following RBA minutes but the AUD was under pressure all day. Seoul and Taipei fell, Southeast Asia all lower, India paring opening losses. Nikkei a few points higher, Topix lower. US futures soft, Europe markets mixed. US dollar down slightly, AUD under pressure following RBA minutes, yuan weakened to lowest since Nov-22. Treasuries higher across tenors, Australian yields down at the short end, China 10Y sovereign yield close to 10M lows. The Hong Kong Hibor rate climbed to its highest in 16 years at 5.1%. WTI contracts lower, Brent slightly down. Precious metals down, industrial metals also weak.

    • Asia markets soft from the bell this morning but sentiment weakened further as the PBOC cut its 1Y and 5Y rates by 10 bps with the market leaning towards expectations of a 15 bps cut. This, together with a lack of follow-through from the State Council meeting last Friday on stimulus, has left investors disappointed, marked by a sharp two-day decline in the Hang Seng. Better news on the geopolitical front after Secretary of State Blinken's visit to Beijing concluded yesterday with both sides sounding optimistic over futures talks and visits by the Chinese side to the US.

    • RBA minutes were dovish, revealing the decision to hike cash rate in June was finely balanced. Minutes followed by a speech from Deputy Governor Bullock, who said RBA aiming for a 4.5% terminal rate to bring economy closer to more sustainable balance point. Malaysia exports fell again but at a softer pace than in April and trade surplus widened.

    • Nissan Motor (7201.JP) former CEO Carlos Ghosn is suing the company over his ousting and arranging his arrest for alleged financial misconduct. Softbank Group (9984.JP) Masayoshi Son said it is in position to win the race to master AI and won't be deterred by short-term losses. Alibaba (9988.HK) is to replace its chairman Daniel Zhang, confidante of Jack Ma, Joseph Tsai, to take over. Bethel Automotive Safety Systems (603596.CH) has scrapped plans to issues GDRs citing changes in domestic and overseas capital market conditions. Hyundai Motor (005380.KS) is to invest $85.41B by 2032 to accelerate its EV programme. Grab Holdings (GRAB) is planning its biggest round of layoffs since the pandemic as its faces increased competition across Southeast Asia. Woodside Energy Group (WDS.AU) has given the green light for a $7.2B oil field off Mexico, its first investment since acquiring BHP's petroleum business last year.

  • Digest:

    • China lowers LPRs as expected:

      • LPRs were lowered with 1y down 10 bp to 3.55% as expected, while 5y also down 10 bp to 4.20%. Half of forecasters in the Reuters poll looked for a 15 bp decrease in 5y, though bulk of the remainder called for 10 bp. Article noted China last cut both LPRs in August 2022. There was some division in views this time over whether reductions would be 'asymmetric' amid calls for relatively larger cuts to the 5y rate that would provide more support to the housing market. Attention on LPRs come particularly after Friday's State Council meeting to discuss stimulus for which takeaways indicated disappointment over the lack of specific announcements amid growing concerns that economic growth momentum is faltering (Bloomberg). Furthermore, Premier Li Qiang's first scheduled overseas trip this week suggests they may not be an imminent announcement of new stimulus. Smaller than expected decrease in the 5y LPR played into broader skepticism about the size of support measures to come (Bloomberg, Reuters).

    • RBA decision to hike cash rate in June was finely balanced:

      • June RBA minutes noted members debated whether to hike or hold at this month's meeting and decision was finely balanced. Said case for holding rested on slowing growth and risk that rate hikes deal a bigger-than-expected hit to the economy given weak consumption growth. Also cited policy transmission lags and expiry of cheap fixed rate-loans resulting in tighter financial conditions. However, board settled on a rate hike given increased risk of inflation taking longer to return to target. Members observed economy remains on a narrow path to soft landing with consumption growth softening but labor market still very tight. Concluded inflation risks had shifted to the upside, warning that a prolonged period of above-target inflation risks driving up inflation expectations and require rates to remain higher for longer. Board reaffirmed willingness to do what is necessary to return inflation to target.

    • RBA aiming for 4.5% unemployment rate to return inflation to target:

      • In a speech, RBA Deputy Governor Bullock noted central bank is projecting an unemployment rate of 4.5% by mid-2025 (vs current 3.6%), which would leave economy closer to full employment and more a sustainable balance point. Said rate hikes the only tool RBA has to bring down inflation, and part of the aim is to reduce demand for labour. Noted labour demand has moderated in recent months amid surge in migration and dampening effect of rate hikes. Forward indicators also point to some softening with job vacancies trending lower and underemployment rate rising. Bullock's speech follows a hot labor market report that showed jobless rate unexpectedly fell in May amid a surge in headline employment. Data prompted economists to upgrade terminal rate forecasts. Markets also moved to price in two more rate hikes by end-2023.

    • Hong Kong interbank rate rises to highest in 14 years:

      • The 1M Hong Kong interbank rate (Hibor) rose to its highest level since 2007 Monday after protracted period of currency intervention shrank liquidity, and as cash demand climbed with quarter-end approaching. Hibor rose to 5.1%, more than double 2023 low set in February, and eliminating discount to US dollar interbank rate. Higher funding costs will help stop bearish bets on HKD but also could stymie economic recovery in city, according to Bloomberg. Article said Hibor rate is reference for mortgage loans and any further advance could pose added risk to property sector. HKMA spent around $6.5B in currency intervention since February reducing "aggregate balance" liquidity rate to lowest since 2008. Since then, currency trading strategies between HKD and USD has pushed HKD to weaker end of 7.75-7.85 per US dollar peg, triggering intervention. HKD currently at 7.82 per dollar as of Tuesday.

    • Blinken's visit to Beijing eases US-China tensions:

      • US-China relations seemingly on a more stable footing following Secretary of State Blinken's visit to Beijing (Bloomberg). President Xi highlighted progress on improving ties, noting two sides reached agreement on some issues. President Biden echoed those sentiments, saying relations are on the "right trail" (Bloomberg). Two sides remain divided over thorny issues such as Taiwan, human rights, trade and technology restrictions, and there was no agreement to resume direct military communication. Still, talks seen heralding a period of stabilization after relations deteriorated in the wake of the spy balloon incident in February. Blinken had earlier met China's Foreign Minister Qin Gang and China's top diplomat Wang Yi. Qin accepted an invitation to Washington later this year, spurring hopes of more regular dialogue at the senior level. Biden also expressed hope of meeting Xi in next several months.

    • Notable Gainers:

      • +7.7% 541729.IN (HDFC Asset Management): promoter abrdn reportedly to sell entire 10.2% stake or 21.8M shares in block deal through BofA today

      • +3.7% 8058.JP (Mitsubishi): Berkshire Hathaway raises stakes in Japanese trading companies, hopes to eventually hold 9.9% stakes

      • +1.4% 000333.CH (Midea Group): Italian government reportedly may block Electrolux's sale

      • +0.9% 302440.KS (SK bioscience Co.): WHO grants EUL to SK bioscience's COVID-19 vaccine SKYCovione

      • +0.7% 010620.KS (HYUNDAI MIPO DOCKYARD Co.): reports Jan-May new orders $2.10B vs year-ago $1.88B

    • Notable Decliners:

      • -8.2% 2138.HK (EC Healthcare): guides FY net profit to decrease by not more than 61%

      • -5.3% 8630.JP (Sompo): Japan's Financial Services Agency to investigate if insurers colluded to charge higher premiums

      • -1.6% 9988.HK (Alibaba Group): chairman/CEO Daniel Zhang to step down 10-Sep; executive vice chairman Joseph Tsai will succeed Zhang as chairman; Eddie Yongming Wu, chairman of Taobao and Tmall Group, will succeed Zhang as CEO and replace Zhang on the board

      • -0.8% 002352.CH (S.F. Holding Co.): reports May logistics revenue CNY15.17B vs year-ago CNY13.94B

  • Data:

    • Economic:

      • No economic data today

    • Markets:

      • Nikkei: 18.49 or +0.06% to 33388.91

      • Hang Seng: (305.81) or (1.54%) to 19607.08

      • Shanghai Composite: (15.44) or (0.47%) to 3240.36

      • Shenzhen Composite: (1.05) or (0.05%) to 2080.44

      • ASX200: 62.90 or +0.86% to 7357.80

      • KOSPI: (4.59) or (0.18%) to 2604.91

      • SENSEX: (39.33) or (0.06%) to 63128.97

    • Currencies:

      • $-¥: (0.10) or (0.07%) to 141.7380

      • $-KRW: +4.42 or +0.35% to 1281.5300

      • A$-$: (0.01) or (0.98%) to 0.6804

      • $-INR: +0.18 or +0.22% to 82.0930

      • $-CNY: +0.05 or +0.65% to 7.1725

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".

DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE