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 +2.04%, Hang Seng +0.83%, Shanghai Composite (0.11%) as of 03:10 ET

Dec 06 ,2023

  • Synopsis:

    • Asian equities advanced Wednesday. Nikkei and ASX outperformed in region, Hang Seng edged up after touching 13-month low yesterday, mainland China mixed, Taiex and Kospi logged mild gains, India trading higher, southeast Asia mostly higher, S&P 500 and Nasdaq futures advancing. Treasury yields inched up slightly after 10Y yield dropping below 4.2% Tuesday, Aussie bonds and JGB rallied, AUD and NZD both gained against dollar, yen slightly stronger too, Crude oil marginally higher, gold higher too.

    • Mixed handover from Wall Street to Asian markets with focus on bond yields falling following soft US labor data, which provided further support to soft landing, disinflation and peak Fed narratives. Markets also betting other central banks will join Fed in easing policy in 2024. Meanwhile there were thoughts that markets are becoming too optimistic in expectations of rate cuts, setting stage for disappointment if policymakers choose to push back more forcefully. Lots of press coverage on China stock slump deepening as traders remain wary of economic health. Moody's outlook downgrade was leaked before official announcement, coinciding with accelerated selloff on Tuesday afternoon. China also hit back at Moody's, saying its understanding of Chinese economy "is not deep enough". PBOC stepped up defense of yuan after fixing midpoint with a strong bias and press reports that Chinese state banks were selling dollars for second day.

    • Australian GDP growth missed expectations as cost-of-living pressures saw consumption growth slowed to lowest since early 2021. Reuters Tankan showed Japan manufacturer sentiment rose sharply amid easing of chip shortage and higher auto output. Comes ahead of Japan Q3 GDP second print on Friday with consensus looking for a narrower contraction. BOJ Deputy Governor Himino reiterated need for continued easing with inflation progress mixed, though also discussed hypothetical outcome from stimulus exit. Indian equity outperformance continues to receive press attention with market cap topping $4T

    • NIO (9866.HK) plans to spin off battery production unit in bid to turn profitable. BYD (1211.HK) plans to buy back CNY200M ($27.9M) worth of its Shenzhen-listed shares. Sands China (1928.HK) controlling shareholder Las Vegas Sands (LVS) to buy up to HK$1.95B of shares to raise its stake in the firm. YG entertainment (122870.KS) renews exclusive group contract with K-pop band Blackpink.

  • Digest:

    • Moody's cuts China credit outlook to "negative":

      • Moody's Investors Service changed outlook of China's government credit ratings from "stable" to "negative" while affirming China's A1 long-term local and foreign currency issuer ratings (Reuters). Moody's said downgrade reflects growing evidence that authorities will have to provide financial support for financially stressed local governments and SOEs, posing broad risks. Added outlook change also reflects increased risks related to structurally and persistently lower medium-term economic growth and ongoing downsizing of property sector. Noted it was Moody's first change on China view since it cut rating by one notch to A1 in 2017. China's Ministry of Finance said it was disappointed by Moody's downgrade, adding economy will be highly resilient and de-risking in local government debt is making progress while China's government debt level at 50.4% by end-2022, lower than 60% seen as warning level (SecuritiesTimes). Bloomberg citing economists noted risk of rating downgrade unlikely to reverse Beijing's debt issuance plan of additional CNY1T to support disaster relief and construction.

    • Moody's China outlook cut was leaked, state bank yuan support ramped up:

      • Bloomberg reported Moody's China outlook downgrade was leaked on WeChat at 10:51 am Beijing time Tuesday ahead of the official announcement at 3:25 pm. Sources indicated market speculation of a potential cut started as early as last Friday in private chat rooms. Lead time coincided with accelerated selling in mainland China equities Tuesday afternoon with CSI 300 down 1.9%. Article noted ratings firms typically notify government involved a few days prior to an announcement. Reuters, citing sources, said state-owned banks were supporting yuan yesterday and activity intensified after the Moody's announcement. State banks were seen procuring dollars in onshore swaps and selling them back in the spot market throughout the session. Article noted skepticism that such quasi-intervention would be sustained on Moody's downgrade alone, noting the primary issue remains China's real estate turmoil. ANZ suggested the yuan outlook depends more on US rates and economic data. Reuters added state banks continued to sell dollars for yuan Wednesday, albeit at a milder pace.

    • Australian GDP growth below forecasts as consumption hits weakest since early 2021:

      • Australian Q3 GDP grew 0.2% q/q, lower than consensus 0.5% and prior quarter's 0.4% increase. Yearly rate of growth unchanged at 2.1% against expectation for a 1.9% increase. Government expenditure (+0.2%), investment (+0.2%) and inventories (+0.4%) made positive contributions to growth, offsetting drag from net exports (-0.6%). Household consumption growth (y/y) slowed to lowest since Covid-impacted Q1 2021, reflecting cost of living pressures as savings ratio dropped to lowest since Q4 2007. Employee compensation registered largest rise in Q3 2022, driven by July's outsized minimum wage hike and labour market tightness. Productivity metrics improved with GDP per hour turning positive over the quarter and growth in unit labour costs slowing. Recall RBA has stated wage growth remains consistent with inflation target, provided productivity picks up. Subdued consumption also appeared to dent household resilience narrative that led to November's rate hike.

    • Street still thinks RBA cash rate has peaked:

      • Street takeaways from RBA's hold decision Tuesday did not provide much color on the policy statement. Nothing particularly incremental to shift near-term rate expectations. Most still see cash rate having peaked at 4.35%, though acknowledge risks skewed towards more tightening. The minor changes to the statement were perceived as dovish, including RBA repeating that further tightening will depend on upcoming data and assessment of risks. Also some attention to comments discussing policy lags and economic impact of recent hikes. However, February still seen as 'live' meeting for a rate hike, especially if Q4 CPI shows ongoing services inflation stickiness. February will also coincide with updated economic projections and RBA extending forecast horizon to H1 2026. Additionally, RBA's low tolerance for slower-than-expected return of inflation target reinforced views cash rate will remain higher for longer, delaying dovish pivot until late 2024.

    • BOJ's Himino says inflation progress mixed, fathoms risks from easing exit:

      • In a speech, BOJ Deputy Govenor Himino discussed inflation developments, citing various anecdotes indicating how companies were adapting to changes in pricing dynamics. Essentially said that evidence of progress in the transition from imported to domestically driven inflation has been patchy and by no means secured. Still, Himino suggested solid progress has been made in the transformation of firms' wage and price setting behavior. Cited BOJ historical analysis of the relationship between prices and wages; while signs of wage growth feeding further price increases are not yet statistically significant, the estimated impact has risen recently. Explained that BOJ has patiently continued with large-scale easing to support economic activity and facilitate a favorable environment for wage growth. Repeated BOJ messaging that easing would continue until stable achievement of the price stability target accompanied by wage increases comes into sight. Himino also hypothetically discussed potential impacts of policy normalization, though with no clear bias, and stressed BOJ should tread carefully.

    • Notable Gainers:

      • +25.6% 122870.KS (YG Entertainment): all four members of Blackpink have renewed group contract with company

      • +16.8% 19.HK (Swire Pacific): to conduct up-to-HK$6B A, B share buyback; to run between 6-Dec and May 2025 AGM

      • +4.1% 4568.JP (Daiichi Sankyo): subsidiary obtains $182M (¥26.4B) settlement resolving U.S. patent infringement lawsuit against Novartis

      • +1.5% 8001.JP (ITOCHU): reportedly open to acquiring Bigmotor

      • +1.2% 3697.JP (SHIFT Inc): to acquire promotional services firm Club Nets for ¥5.75B

      • +1.2% 9434.JP (SoftBank Corp): to take 51.0% stake in Cubic Telecom for €473M (¥75.11B)

      • +1.2% 2269.HK (Wuxi Biologics (Cayman)): proposes up to $600M on-market share buyback

    • Notable Decliners:

      • -24.7% 853.HK (MicroPort Scientific): proposes repurchaes of certain convertible boonds and the issuance of $220M convertible bonds

      • -1.7% 7550.JP (Zensho Holdings): 5.2M-share public offering priced at ¥7,285/share

  • Data:

    • Economic

      • Japan

        • December Reuters Tankan manufacturers' sentiment index +12 vs +6 in prior month

          • Service sector index +26 vs +27 in prior month

      • Australia

        • Q3 GDP +0.2% q/q vs consensus +0.5% and +0.4% in Q2

          • GDP +2.1% y/y vs consensus +1.9% and +2.1% in Q2

    • Markets:

      • Nikkei: 670.08 or +2.04% to 33445.90

      • Hang Seng: 135.40 or +0.83% to 16463.26

      • Shanghai Composite: (3.36) or (0.11%) to 2968.93

      • Shenzhen Composite: 10.13 or +0.55% to 1855.16

      • ASX200: 116.80 or +1.65% to 7178.40

      • KOSPI: 1.10 or +0.04% to 2495.38

      • SENSEX: 240.63 or +0.35% to 69536.77

    • Currencies:

      • $-¥: (0.17) or (0.12%) to 146.9800

      • $-KRW: (1.62) or (0.12%) to 1312.1000

      • A$-$: +0.00 or +0.52% to 0.6585

      • $-INR: (0.11) or (0.13%) to 83.3097

      • $-CNY: (0.00) or (0.03%) to 7.1446

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