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 (0.26%), Hang Seng (2.08%), Shanghai Composite (0.56%) as of 03:10 ET

Nov 29 ,2023

  • Synopsis:

    • Asian equities largely lower Wednesday. Hang Seng down sharply to lowest close in a year with heavy selling of tech and China property names, mainland China and Japan lower too, Kospi and Taiex little changed, ASX logged mild gains. South East Asia mixed, India trading higher, S&P 500 and Nasdaq futures nudging higher. Treasuries extended rallies with yields continued to drop, JGBs and Aussie bonds both firmer. Yen strength was sustained amid dollar weakness, taking USD/JPY down to a two-and-a-half-month low. Crude seeing mild gains, gold higher too.

    • Bond market in focus with Treasury yields extending overnight drop and dollar tracking for its largest monthly fall in a year, came after latest remarks from Fed officials, including perceived dovish tinge to Governor Waller's comment suggesting possibility of rate cut. Meanwhile rate repricing is also renewing concern that markets are again overestimating likelihood and extent of dovish pivot next year. Fed and other central bank officials are also sticking with higher-for-longer stance and there are concerns inflation will not fall as quickly as implied in market pricing.

    • In other developments, RBNZ left OCR unchanged as expected, but policy statement leaned hawkish. Central bank warned of further rate hikes if domestic demand pressures persist and inflation surprises higher. Also modelled higher OCR peak in 2024 and delayed projected rate cuts further into 2025. Bank of Thailand also kept benchmark rate steady as expected while lowering economic growth forecast for both 2023 and 2024. Australian monthly inflation fell by more than forecast, driven by falls in multiple CPI components, including discretionary categories and housing. BOJ board member Adachi said it premature to debate negative rate policy exit. Asia's first ETF tracking Saudi Arabia equities debuted in Hong Kong.

    • Toyota Motor (7203.JP) and two affiliates, Toyota Industries (6201.JP), Aisin (7259.JP), plan to sell about 10% or JPY589B ($4B) of their stakes in Denso (6902.JP) as soon as this month. Alibaba (9988.HK) founder Jack Ma urged company to correct course in internal memo and praised rival PDD (PDD). Alipay to sell entire 3.44% stake in Zomato (543320.IN). Meituan (3690.HK) shares plunged after warned of growth slowdown in Q4.

  • Digest:

    • Thailand keeps policy rate unchanged as expected:

      • Bank of Thailand MPC voted unanimously to maintain 1D repurchase rate rate at 2.50%, matching consensus. Reuters poll of 28 economists showed median forecasts predicting no policy change until at least July-25. BOT had previously hiked the rate by 200 bp for eight straight times since Aug-22 to curb inflation. MPC said it deemed current policy rate conducive to keeping inflation sustainably within target range, fostering long-term macro-financial stability by preempting build-up of financial imbalances, and ensuring sufficient policy space amid uncertain outlook. BOT cut economic growth forecast in 2023 to 2.4% from 2.8%, and 3.2% from 4.4% for 2024 or 3.8% if factoring in government's digital wallet scheme. Governor Sethaput Suthiwartnarueput said yesterday interest rates in emerging economies trailing advanced peers is boosting currency volatility and posing challenges to capital flows, while also highlighted elevated levels of Thai household debt and less spending by foreign visitors (Bloomberg).

    • RBNZ on hold, but warns of further rate hikes if inflation surprises higher:

      • RBNZ left OCR on hold at 5.50% as expected though policy statement leaned hawkish. MPC agreed current OCR is contractionary and is restricting demand, but warned ongoing excess demand and inflationary pressures are of concern and if inflation comes in stronger-than-expected OCR will likely need to rise further. RBNZ modelled OCR peaking at ~5.7% in 2024 (vs 5.59% peak modelled in August), before falling in mid-2025. RBNZ again upgraded estimate of neutral OCR, to 2.50% from 2.25%, implying policy less contractionary than assumed in August. Discussed two scenarios, one of persistent domestic demand feeding into higher inflation, and one of sharper slowdown in global growth that reduces exports. Noted asymmetry in distributions of risks to the outlook given high level of core inflation. Short-term upside risks have eventuated since August. Global slowdown would likely unwind additional inflation pressure recently observed but further domestic demand strength would likely necessitate further tightening.

    • Australian inflation cools by more than forecast, strengthening case for December pause:

      • Australian October inflation fell to 4.9% y/y from September's 5.6% and undershot consensus 5.2%. While headline result was driven by steep all in automotive fuel, underlying inflation also dropped to 5.1% from 5.5%. Several components of CPI basket weakened with clothing and footwear prices declining at a faster rate, and rental, furnishings and household equipment and electricity inflation slowing sharply. Result eroded already slim probability of a December RBA rate hike after October retail sales unexpectedly shrank. Remarking Tuesday RBA Governor Bullock pointed to economy's resilience and persistent domestic pricing pressures. However, she also noted RBA needs to be a "little careful" with further tightening following November's rate hike, in order to avoid imposing excessive burden on economy. February still seen as a more likely month for a rate hike, though this will hinge on upcoming data, including more monthly inflation, employment and retail sales prints, Q3 GDP and Q4 CPI.

    • BOJ's Adachi says latest YCC tweaks still aimed at sustainable easing:

      • In a speech, board member Adachi said latest YCC tweaks were an extension of the goal to maintain easing in a sustainable manner. In multiple references, Adachi dismissed external perceptions the Bank was laying the path toward normalization. Added they were still not at the stage that would warrant discussion of exit strategies in light of the current economic environment and reaffirmed support for persist easing. Stressed the inflation reaching 2% is not the only goal, and confirmation of a virtuous cycle between wages and prices is imperative. While acknowledging "green shoots" have started to appear, it has yet to reach the stage where this condition has been met. Also noted BOJ remains prepared for downside risks to the economy. Still, BOJ attributing increasing importance on the signal value of bond yields, particularly in light of pandemic impacts on inflation, underling the significance of BOJ's recalibration of the balance between easing vs side effects. Also emphasized that BOJ does not view YCC as redundant because a sharp rise in the 10y yield far above 1% would lift real rates, depleting easing effects and hindering the transition towards a virtuous wage/price cycle.

    • As bond rally continues, markets may be too optimistic on 2024 rate cuts:

      • Bond market rallying in Asian trade Wednesday with Treasury yields extending overnight drop and dollar tracking for its largest monthly fall in a year. Latest move comes after Fed Governor Waller suggested possibility of rate cut if inflation continues to fall. While Waller's remarks made in context of academic theory and Taylor Rule, markets perceived them as dovish. However, rate repricing is also renewing concern that markets are again overestimating likelihood and extent of dovish pivot next year. Futures pricing in almost 100 bp of Fed rate cuts in 2024, while derivatives markets show record long positioning in SOFR futures (Bloomberg). Fed and other central bank officials also sticking with their higher-for-longer stance and there are concerns inflation will not fall as quickly as implied in market pricing given upside pressures from strong wage growth, sticky services prices and withdrawal of government subsidies (FT).

    • Notable Gainers:

      • +13.5% 542066.IN (Adani Total Gas): launches green hydrogen blending pilot project in India

      • +6.1% 6201.JP (Toyota Industries): Toyota Industries, Aisin reportedly planning to participate in sale of Denso shares

      • +4% 000120.KS (CJ Logistics): Indian subsidiary CJ Darcl submits pre-IPO review request to SEBI

      • +1.7% 7203.JP (Toyota Motor): reports October global production +16.7% y/y to 900,285

      • +0% 259960.KS (KRAFTON): invests KRW40.30B to set up metaverse JV with Naver Z

    • Notable Decliners:

      • -12.2% 3690.HK (Meituan): reports Q3 results; expects Q4 revenue growth for food delivery to will be slightly lower than Q3's rate

      • -7.6% 973.HK (L'Occitane International): reports H1 net income attributable €34.0M vs year-ago €61.8M, revenue €1.07B vs year-ago €900.5M and preliminary result of €1.07B

      • -5.5% 8136.JP (Sanrio): launches ¥30.0B euro-yen denominated convertible bond due 2028

      • -4.3% 5406.JP (Kobe Steel): issues zero coupon convertible bonds due 2028, 2030 for a total of ¥50B

      • -0.9% 241.HK (Alibaba Health Information Technology): reports H1 adjusted net income CNY642.5M, +83% vs year-ago CNY351.6M, revenue CNY12.96B vs FactSet CNY12.88B; buys healthcare business from Taobao for total consideration of HK$13.51B; CEO Zhu Shunyan resigns, effective today

  • Data:

    • Economic:

      • Australia

        • Q3 construction work done +1.3% q/q vs consensus +0.3% and +0.4% in Q2

        • October CPI 4.9% y/y vs consensus +5.2% and +5.6% in September

    • Markets:

      • Nikkei: (87.17) or (0.26%) to 33321.22

      • Hang Seng: (360.70) or (2.08%) to 16993.44

      • Shanghai Composite: (16.87) or (0.56%) to 3021.69

      • Shenzhen Composite: (14.95) or (0.78%) to 1889.85

      • ASX200: 20.10 or +0.29% to 7035.30

      • KOSPI: (1.95) or (0.08%) to 2519.81

      • SENSEX: 528.72 or +0.80% to 66702.92

    • Currencies:

      • $-¥: (0.12) or (0.08%) to 147.3710

      • $-KRW: (0.14) or (0.01%) to 1287.9900

      • A$-$: (0.00) or (0.21%) to 0.6636

      • $-INR: (0.09) or (0.10%) to 83.2958

      • $-CNY: (0.00) or (0.01%) to 7.1324

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