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 - Europe Pre-Open: FTSE (0.40%), DAX30 (0.18%), CAC40 (0.34%)

Sep 25 ,2023

  • Synopsis

    • European equity markets set to open broadly lower, extending last week's losses when the Stoxx Europe 600 declined (1.9%).

    • Recall last week was dominated by central bank policy updates. The Fed decision was the biggest driver of the risk-off tone. It left policy unchanged but there was a hawkish surprise with higher median rate projections. In Europe, both the BoE and SNB kept policy unchanged, but the Riksbank and Norges Bank hiked rates. Meanwhile, the BoJ left policy unchanged, as expected.

    • Asian equities mixed Monday. China developers experiencing their biggest fall since December, driving Hang Seng Properties index towards lowest since early 2009. Focus shifting back to Evergrande, which said it is unable to issue new debt, coming days after it delayed meeting with creditors. Development adds to concerns around refinancing pressures after Country Garden bondholders said they had not received payment on dollar bond due a week ago. Despite flurry of policy support announcements from Beijing, sector continues to face liquidity constraints

    • European macro data releases out today include Germany Sep Ifo survey, UK Sep distributive trades - CBI, Spain Aug PPI, Finland Aug PPI

    • Also on today's agenda: ECB's Lagarde before EP committee at 15:00CET, the same time as ECB's Schnabel delivers the Johann-Heinrich-von-Thünen lecture. Today also sees the release of the first ECB Economic Bulletin pre-releases. Norges Bank's Longva and Børsum speech at 9:00CET at bank's Regional Network, Mid Norway. ECB/Banque de France/CEPR conf (through Tue) speakers include Villeroy 9:00CET. There's a Slovakia central bank board meeting. Also, General Conf. of the International Atomic Energy Agency IAEA. Jefferies hosting UK Politics: Insights from The Economist's Political Correspondent Matthew Holehouse at 14:00BST

    • On the macro front, Bloomberg reports hedge funds boosted bearish wagers on the euro to a near one-year high as markets bet the ECB is done raising interest rates. Notes leveraged investors ramped up net short positions on the shared currency to 23,306 contracts during the week ended Sept. 19, the most since Oct. 11, according to data from the Commodity Futures Trading Commission. Longer-term asset managers also pared back bullish bets on the currency.

    • In corporate highlights, Aperam (APAM.NA) guides Q3 adjusted EBITDA €15-20M vs FactSet €67.3M. Italian banks eyed as Bloomberg reports they will be allowed to avoid paying a controversial windfall tax introduced last month if they set aside additional capital reserves, according to a government amendment. Meanwhile, in the UK, the FT reports the Bank of England will delay implementing the latest package of global post-crisis banking reforms for another six months.

    • Among key rating changes, Jefferies upgrades AstraZeneca (AZN.LN) to buy from hold and BNP Paribas Exane upgrades Ubisoft (UBI.FP) to outperform from neutral.

  • Macro/politics

    • European Carmakers Dial Up Pressure on Post-Brexit EV Tariffs - Bloomberg

    • Hedge Funds Boost Euro Shorts to 11-Month High on Peak ECB Bets - Bloomberg

    • Why Slovakia's Election Could Be a Win for Putin - Bloomberg

    • Germany scraps plans for more stringent building standards to prop up industry - Reuters

    • UK to delay implementing global banking reforms - FT

    • ECB's Villeroy Says Fuel Jolt Won't Affect 2% Inflation in 2025 - Bloomberg

    • Italy Offers Banks Get-Out Clause to Controversial Windfall Tax - Bloomberg

  • Top company news

    • Earnings/updates

      • APAM.NA (Aperam) -- guides Q3 adjusted EBITDA €15-20M vs FactSet €67.3M [3 est, €62.0-72.0M]

      • Also reporting today

      • Earnings:

        • France: Aelis Farma (AELIS.FP), Carmat (ALCAR.FP)

        • UK: Alphawave IP Group (AWE.LN), Wilmington (WIL.LN), IQGeo Group (IQG.LN), Real Estate Investors (RLE.LN)

      • CMD/events: TotalEnergies (TTE.FP) Energy Outlook, Pharming Group (PHARM.NA) EGM to elect chairman, Sage Group (SGE.LN) Innovation and Product webinar, CRH (CRH.LN) investor presentation to mark the transition of its primary listing to the NYSE

    • M&A

      • TIT.IM (Telecom Italia) -- KKR requests extension to 10/15 for submission of binding offer for Telecom Italia's Netco unit

      • SBB.B.SS (Samhällsbyggnadsbolaget i Norden) -- SBB strengthens liquidity with approximately SEK 8B and presents decentralised group structure

      • (OTHER) ESI.FP (ESI Group) -- and Keysight Technologies announce the signature of a share purchase agreement; Keysight to acquire majority stake in at €155/share; expected completion in Q4 2023

    • Healthcare

      • PFE (Pfizer) -- CDC ACIP votes 11-1 to recommend Pfizer's Abrysvo for RSV (maternal vaccination)

      • NOVN.SW (Novartis)

        • confirmed plans for the 100% Spin-off of the Sandoz business, with trading of new Sandoz Group AG shares and ADRs to commence on 4-Oct-23

        • Phase III NETTER-2 trial with Lutathera met its primary endpoint

      • VLA.FP (Valneva) -- announces new contract worth at least $32M with the US government for the supply of its IXIARO vaccine

      • BIOA.B.SS (BioArctic) -- announces LEQEMBI Intravenous Infusion approved for the treatment of Alzheimer's disease in Japan

      • ALBPS.FP (Biophytis) -- Biophytis, Skyepharma sign partnership agreement for production of Sarconeos

    • Other

      • NHY.NO (Norsk Hydro) -- Norsk Hydro's board initiates share buyback program for up to 100.0M shares

      • VCP.LN (Victoria plc) -- audit nightmare; company states that "there is no wrong-doing at Hanover and nor are the auditors alleging this" -- FT

      • PSM.GR (ProSiebenSat.1 Media) -- begins "meaningful co-operation" on advertising, technology and even content with MediaForEurope -- CEO tells FT

      • ATO.FP (ATOS SE) -- holder Alix AM files suit over sale of Tech Foundations to Daniel Kretinsky - AFP

      • INTRUM.SS (Intrum) -- comments on Moody's downgrade of its credit rating to B1 from Ba3

      • DIA.SM (Distribuidora Internacional De Alimentacion) -- announces the resignation of Stephan DuCharme as Chairman to the Board; appoints Benjamin Babcock as successor

      • SCST.SS (Scandi Standard) -- appoints Fredrik Sylwan as new CFO effective 15-Jan-24

      • BPOST.BB (bpost) -- to take €75M provision following compliance reviews

      • Estimated weekend box office revenues in US, Canada $49.2M, (21.3%) y/y - Box Office Mojo

    • ESG

      • SBTi actions last week include near term approvals for Disney, Corning; net zero approvals for a.ka. Brands, SK Networks (22-Sep)

  • Key rating changes

    • Upgrades

      • AZN.LN (AstraZeneca) -- to buy from hold at Jefferies

      • CBG.LN (Close Brothers Group) -- to neutral from underweight at JPMorgan

      • TEL.NO (Telenor) -- to buy from hold at Berenberg

      • UBI.FP (Ubisoft Entertainment) -- to outperform from neutral at BNP Paribas Exane

      • DLN.LN (Derwent London) -- to sector perform from underperform at RBC Capital Markets

    • Downgrades

      • LI.FP (Klepierre) -- to underperform from sector perform at RBC Capital Markets

      • ADYEN.NA (Adyen) -- to hold from buy at Stifel

  • Data

    • Nikkei +0.93% to 32703.28

    • Hang Seng (1.36%) to 17811.84

    • Shanghai Composite (0.42%) to 3119.37

    • S&P futures +11.0 vs prior close of 4361.0

    • €-$ (0.0009) or (0.08%) to 1.0645

    • $-¥ +0.08 or +0.06% to 148.36

    • €-¥ (0.01) or (0.01%) to 157.92

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