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 (1.37%), Hang Seng (1.91%), Shanghai Composite (1.67%) as of 03:10 ET

Dec 05 ,2023

  • Synopsis:

    • Asian equities slid Tuesday. Hang Seng was the worst performer among major regional benchmarks, dropping to new 13-month low with property and tech as notable decliners. Mainland China sharply lower too with Shanghai Comp fell below 3K level again after a month and CSI 300 down to lowest since Feb-2019. Nikkei, ASX, Kospi, Taiex all lower. India trading higher. S&P 500 and Nasdaq futures extending losses. Treasury edged up in Asian hours after a fall on Monday with markets keeping an eye on US jobs data on Friday. Aussie bonds gained following RBA hold while AUD fell. Yen stronger against dollar. Gold turning higher following sharp pullback from record high. Crude oil higher, Bitcoin dipping below $42k level.

    • A weak handover from Wall Street to Asian markets as extent of dovish rate repricing over recent weeks fueling concern that markets are too optimistic about how far rates will be cut in 2024. Strategists argue amount of rate cuts being priced in is more consistent with hard landing scenario and equities nearing overbought levels following a historic November rally driven in large part by the dovish rate outlook. MSCI APAC ex-Japan slipped to three-week low while investors have continued to offload Chinese equities. Better-than-expected Caixin Services PMI failed to lift mood. Late afternoon news came Moody's cut outlook for Chinese sovereign bonds to negative, underscoring worries about China's debt levels.

    • In Australia, RBA left cash rate unchanged as expected. No significant changes in policy statement with RBA conditioning further tightening on upcoming data and assessment of risks. Australian current account unexpectedly fell into deficit with net exports having bigger drag on GDP. Japan's Tokyo core inflation eased amid noticeable slowdown in goods inflation. However, services inflation rose to highest since 1994. Cooler-than-expected South Korean inflation seen easing pressure on BOK after it tempered its hawkish bias last week. Singapore retail sales dipped 0.1% y/y in October, reversing gains in prior month. Philippine central bank said it was necessary to keep monetary policy settings "sufficiently tight" and ready to take further action. Indian stock market is on verge of $4T valuation for first time amid surge in investments by retail traders and foreign inflows.

    • Toppan (7911.JP) has acquired Nomi factory from JOLED and will retool it to supply products to the chip industry. Press reports revealed China Evergrande (3333.HK)'s petitioner Top Shine refused to argue against adjournment while an ad hoc group of creditors will possibly step in as petitioner if Top Shine were to walk away. NetEase (9999.HK) shares tumbled with $7B been wiped off this week as investors worry about competition from Tencent (700.HK)'s upcoming launch of new game Dream Star on 15-Dec. Adani Green Energy (541450.IN) secured funding from eight global banks for largest renewables park.

  • Digest:

    • China seen targeting 'ambitious' 2024 growth target of about 5%:

      • Bloomberg previewed the Central Economic Work Conference set to commence this month. Cited several economists forecasting the 2024 growth target will be kept at 'about 5%' though contingent on stronger stimulus. As per usual, article noted numerical targets will not be formalized until March next year. On fiscal policy, main development remained the October announcement raising the 2023 fiscal deficit ratio to 3.8%, well above the conventional cap of 3%. Morgan Stanley sees a further increase to 4% next year. PBOC seen keeping policy loose, maintaining the current language. Focus remains on near-term expectations of an RRR cut, to be followed by policy rate cuts early next year. Additional targeted measures may include a revival of the Pledge Supplementary Lending facility previously used to provide cheap loans to policy banks to fund construction for housing and other projects. Real estate turmoil remains a key challenge and authorities are likely to reaffirm importance of large-scale development projects to help stabilize the market. They may also signal further relaxation of home purchase rules after earlier attempts have yet to stem market declines.

    • Key China equity benchmark falls to lowest level since 2019:

      • China markets continue to underperform global benchmarks with CSI 300 touching its lowest since Feb-2019 and Hang Seng skidding to lowest in 13 months. Stocks facing myriad headwinds from an ongoing property market crunch, faltering economic recovery, low consumer and business confidence, weak external demand, foreign fund outflows, and disappointment at flurry of policy support measures announced this year. China equities experienced foreign outflows for record fourth straight month in November (SCMP) and were among most sold by hedge funds (Reuters). Some strategists bearish on near-term outlook for Chinese stocks, seeing dim prospects for a valuation recovery amid earnings headwinds from rising bank NPLs and weak demand (SCMP). Others still see prospects for a rebound with MSCI China Index P/E lowest in five years. Upcoming Central Economic Work Conference also being eyed as a catalyst amid hopes authorities will step up stimulus efforts in 2024.

    • China Caixin Services PMI expands to three-month high in November:

      • Caixin services PMI was 51.5 in November, versus consensus 50.5 and 50.4 in prior month. Data in expansion for eleventh consecutive month and highest since August. There was stronger upturn in total new business midway through Q4 with rate of new order growth best recorded in three months. Overall demand for Chinese services improved with new export business rose modestly for third straight month. However employment in service sector fell marginally amid restructuring efforts, which led to rises in outstanding orders. Rate of cost inflation slowest since Jun-22 while prices charged also rose at softer pace. Business optimism rose but remained weaker than historical average. Caixin Composite PMI rose to 51.6 from 50.0 in October, signaling renewed increase in total business activity. Data also in contrast with NBS's official composite PMI, which dipped to 50.4 (YTD) in November from 50.7 prior month. Economists noted foundation for economic recovery needs to be further consolidated.

    • Tokyo inflation broadly eases:

      • Tokyo core CPI rose 2.3% y/y in November, compared to consensus 2.4%. Follows 2.7% in the previous month and marks the softest reading since July 2022. Ex-fresh food & energy inflation also eased to 3.6% from 3.8% vs consensus 3.7%. Energy drags increase by 0.17 ppt reflecting faster declines in electricity and gas prices while gasoline rose at a somewhat slower rate. Elsewhere, heavily weighted non-fresh food prices continue to decelerate while household durables turned negative. Partly offset by a major acceleration in accommodation on the back of resurgence in inbound tourism. Overall goods inflation slowed notably to 2.3% y/y from 3.4%, the lowest since November 2021. Closely watched services inflation picked up to 2.3% from 2.1%, highest since December 1997, mainly driven by communication & leisure. Results extend key developments out of the latest nationwide figures in terms of softer core inflation amid services strength. Going forward, survey evidence pointed to major pullback in proportion of grocery items set for price hikes in the early part of next year.

    • RBA on hold, conditions further tightening on data and assessment of risks:

      • RBA left cash rate at 4.35% as expected and repeated that further tightening will depend on data and evolving assessment of risks. Noted data since November's rate hike broadly in-line with expectations, and pointed out monthly CPI gauge did not provide much information on services inflation (underscoring importance of Q4 CPI in determining February's policy decision). Said impact of recent rate hikes will continue to flow through economy and holding cash rate unchanged today allows time to assess impact of tightening on demand, inflation and labour market. Highlighted significant uncertainties, including from services inflation stickiness, China's economic outlook, geopolitical conflicts, and lagged effects of past rate hikes. Early reads mixed with some economists questioning dovish market reaction given soft tightening bias was maintained. Not enough in the statement to shift economists' views that cash rate has peaked, though with a not insignificant risk of another increase.

    • Notable Gainers:

      • +29.9% 000240.KS (Hankook & Company Co.): eldest son of honorary chairman and PE firm MBK to launch tender offer for 20.35-27.32% stake in company at KRW20,000/share

      • +2.2% 7911.JP (TOPPAN Holdings): reportedly acquires Nomi factory from JOLED; terms undisclosed

      • +1.1% 9843.JP (Nitori Holdings): reports November same-stores sales +8.5% y/y

      • +0.2% 1878.JP (Daito Trust Construction): reports November orders ¥61.50B, +97.7% y/y

    • Notable Decliners:

      • -8.7% 2269.HK (Wuxi Biologics (Cayman)): provides business update; resumes trading

      • -0.7% 8630.JP (Sompo): chairman/CEO Kengo Sakurada reportedly to step down due to organizational restructuring

  • Data:

    • Economic

      • Japan November

        • Tokyo core CPI +2.3% y/y vs consensus +2.4% and +2.7% in prior month

          • CPI excl. fresh food & energy +3.6% y/y vs consensus +3.7% and +3.8% in prior month

          • Overall CPI +2.6% y/y vs consensus +3.0% and revised +3.2% in prior month

        • November final services PMI 50.8 vs preliminary 51.7 and 51.6 in prior month

          • Composite PMI 49.6 vs preliminary 50.0 and 50.5 in prior month

      • Australia

        • Q3 current account balance (A$158M) vs consensus A$3.2B and A$7.72B in Q2

          • Net exports to subtract (0.6) ppt from Q3 GDP vs consensus (0.2) ppt subtraction and 0.8 ppt addition to Q2 GDP

      • South Korea

        • South Korea Q3 revised GDP +0.6% q/q vs preliminary +0.6% and +0.6% in prior quarter

          • GDP +1.4% y/y vs preliminary +1.4% and +0.9% in prior quarter

        • November CPI +3.3% y/y vs FactSet consensus +3.5% and +3.8% in prior month

      • China November

        • Caixin Services PMI 51.5 vs consensus 50.5 and 50.4 in prior month

        • Caixin Composite PMI 51.6 vs 50.0 in prior month

    • Markets:

      • Nikkei: (455.45) or (1.37%) to 32775.82

      • Hang Seng: (318.19) or (1.91%) to 16327.86

      • Shanghai Composite: (50.62) or (1.67%) to 2972.30

      • Shenzhen Composite: (36.62) or (1.95%) to 1845.03

      • ASX200: (63.10) or (0.89%) to 7061.60

      • KOSPI: (20.67) or (0.82%) to 2494.28

      • SENSEX: 379.60 or +0.55% to 69244.72

    • Currencies:

      • $-¥: (0.48) or (0.33%) to 146.7080

      • $-KRW: +2.79 or +0.21% to 1313.4600

      • A$-$: (0.00) or (0.59%) to 0.6580

      • $-INR: (0.07) or (0.08%) to 83.3902

      • $-CNY: (0.00) or (0.01%) to 7.1352

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