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 +0.41%, Hang Seng (0.21%), Shanghai Composite (1.46%) as of 03:10 ET

Feb 02 ,2024

  • Synopsis:

    • Asian equities ended mostly higher Friday with the exception, once again, of China's markets that fell sharply although off their lows after likely 'national team' intervention. Solid gains elsewhere including in Japan, Taiwan and Australia, the latter of which ended at fresh record highs. South Korea biggest gainer with more advances in its deep value stocks including HMC, Southeast Asia also higher, India trading higher. US futures up, European bourses opened with strong gains. US dollar DXY index trading around 103 level, Asia currencies generally stronger. Treasury yields higher across tenors, South Korea 10Y yield declined to month-long low after inflation data. Crude futures higher, precious metals supported by Treasury's overnight rally, industrials mixed.

    • Asia markets carrying on their recent pattern of gains across the region, but more losses in China. The Shanghai Composite fell sharply in the early afternoon to trade 4% lower at one point before rallying, almost certainly supported by "National Team" state-owned fund buying. The Hang Seng traded almost 2% higher in early trade before falling steadily and closing lower, with the index again testing 15.5K. Seemingly no end in sight for Greater China's stock selloff as strategists continue to say there will be no meaningful rally until a solution for its property sector is found.

    • Other markets reacted positively to post US market results with Meta and Amazon comfortably beating estimates. Ahead tonight, US non-farm payrolls, which is expected to show a further drop in headline unemployment growth. In regional developments, South Korea CPI slowed to a six-month low but the BOK later warned of a temporary rebound in inflation on geopolitical tensions. Australian PPI inflation rebounded on continued growth in construction costs. Indian interim budget takeaways highlighted fiscal restraint, lower borrowing and higher capex.

    • China Renaissance (1911.HK) CEO Bao Fan re-emerged after a year's absence and resigned from his position; stock remained suspended. WuXi AppTec (2359.HK) and WuXi Biologics (2269.HK) shares down sharply again in Hong Kong on renewed fears the companies are set to be added to a US sanctions list. Adani Enterprises (512599.IN) quarterly profit nearly doubled as earnings from new businesses spiked. Reliance Industries (500325.IN) and Bodhi Tree Multimedia (543767.IN) will take a 60% stake in a merger with Disney India, according to reports.

  • Digest:

    • China remains a challenge for Apple:

      • Apple (AAPL) Q1 earnings facing early scrutiny after revenue guidance underwhelmed expectations and China market continued to lag (Bloomberg). Overall revenue rose a better-than-expected 2.1% y/y in Q1 - first y/y increase in five quarters. However, revenue down 13% in China and missing analyst estimates. CEO Tim Cook told Reuters FX-adjusted China iPhone sales down mid-single digits over the quarter. While China's weak economy has dampened consumer demand, analysts highlighted loss of market share to rival Huawei following rollout of Mate 60 Pro last year and growth in foldables segment where Apple is not active. Company also facing headwinds from Beijing's attempts to reduce reliance on foreign technology after Bloomberg reported in December that China extended iPhone ban to more agencies and government-backed firms. China headwinds led AAPL to offer rare iPhone discount in January as part of promotion ahead of Lunar New Year (Reuters).

    • China local government work reports emphasize consumption growth:

      • Xinhua summarized provincial government work reports which emphasized commitments to foster new growth drivers. Noted all regions have announced 2024 growth targets ranging between 4.5% and 8% with the majority of projections above 5% (recall market expectations of a nationwide growth target will be kept at around 5%). Description of economic policy goals contained frequent mentions of "new productive forces," "boosting consumption" and "improving business environment." Reports pointed to ongoing transition toward high-quality economic growth and a greater reliance on the domestic market as China shifts focus from post-pandemic recovery to sustained expansion. The term 'new productive forces' to be essentially centered on scientific and technological advancement to develop emerging industries. Almost all regions highlighted the task of boosting consumption this year after the Central Economic Work Report pledged to expand domestic demand for the past two years. Recall that market criticism of ineffective policy support measures to date included a lack of policies to directly stimulate consumer demand.

    • Banking exposure to US commercial real estate jolts credit markets:

      • This week's banking developments reviving discussions about risks tied to faltering US commercial real estate (FT). Most of the attention has been on New York Community Bancorp after it ramped up US CRE loan loss provisions and posted surprise quarterly loss. Regional US banks have fallen sharply with KRX down 8% in past two sessions. In Europe, Deutsche Bank more than quadrupled US CRE loan loss provisions while in Asia, Aozora Bank down more than 30% since Wednesday after guiding FY loss due to US CRE exposure. Some analysts downplayed contagion risks, pointing to idiosyncratic factors. Others viewed developments as evidence of rising stress while Goldman Sachs recommended investors bolster credit hedges. Developments blamed for some of the recent volatility in bond markets. Bloomberg noted corporate spreads on track for largest weekly rise since early October. Bond yields have also fallen sharply as traders unwound bearish positions (Bloomberg).

    • Foreign investors turned net sellers of Japan equities last week:

      • Reuters cited TSE data showing foreign investors sold net JPY574.94B ($3.9B) in Japanese equities last week, the biggest outflow since October last year. Entirely driven by sales of JPY985.47B in derivatives and highly concentrated in Topix futures (JPY904.56B). Outweighed net purchases of JPY410.52B in cash equities marking the fourth straight week of inflows. Article noted the retreat in benchmarks last week following the hawkish tilt by BOJ Governor Ueda. Nikkei offered a more upbeat take as cash inflows attest to foreigners' continued optimism on the market. Elsewhere, individual investors turned net buyers for the first time in seven weeks on margin trading. Some thoughts retail investors were dip-buying as the market faded later in the week. NISA flows were also mentioned, though not seen as large enough to push the market higher. Recall that NISA optimism emerged as a bullish theme late last year in anticipation that enhancements effective from January would attract more real money from individuals.

    • Japan capex hampered by labor shortages:

      • Nikkei top story discussed disruptions to Japan capital spending plans as labor shortages limit investment throughput adding to constraints from high material costs. Noted BOJ Tankan projections pointed to 15% growth in FY23 among all enterprises, though MOF data showed actual spending in H1 FY23 rose only 3.9%, leaving the widest gap since 2011 in the wake of the earthquake and tsunami. Moreover, productivity investments aimed at addressing staff shortages have also been stalled by lack of workers, though a BOJ paper published in December found software spending has grown more than twice as fast among understaffed companies than among those that had enough workers with particular interest among labor-intensive service businesses such as hotels and restaurants. According to the Cabinet Office, time required to process machinery orders stretched to the 14-month range as of November, the longest since 2010. Postponed investments expected to be realized eventually, though a BOJ official noted this is conditional on future growth expectations and expressed concern that such projects may end up being scrapped.

    • Notable Gainers:

      • +47.5% 9939.HK (Kintor Pharmaceutical): receives NMPA clearance for phase Ib/III clinical trial of KX-826 and minoxidil combination for treatment of male AGA

      • +21.7% 3659.JP (NEXON Co.): game Dungeon & Fighter receives approval in China

      • +9.7% 4902.JP (Konica Minolta): reports Q3 revenue ¥289.21B vs FactSet ¥288.35B, operating profit ¥7.78B vs FactSet ¥6.15B

      • +9.4% 035420.KS (NAVER): reports Q4 operating profit KRW405.50B vs StreetAccount KRW398.72B

      • +6.5% 251270.KS (Netmarble): game The King of Fighters All Star receives approval in China

      • +1.6% 361610.KS (Sk Ie Technology Co.): reports Q4 operating profit KRW26.88B vs year-ago (KRW10.30B) and FactSet KRW8.63B

      • +0.1% 6752.JP (Panasonic): to buy 40% stake in INNOVA; terms undisclosed

    • Notable Decliners:

      • -5.2% 7211.JP (Mitsubishi Motors): reports Q3 revenue ¥733.1B vs StreetAccount ¥721.33B, operating income ¥55.9B vs StreetAccount ¥61.69B

      • -3.4% 2811.JP (Kagome): reports FY revenue ¥224.73B vs guidance ¥222.00B and core operating income ¥19.48B vs guidance ¥16.00B

      • -2.7% 7205.JP (Hino Motors): reports Q3 net income attributable (¥10.3B) vs FactSet (¥2.20B)

  • Data:

    • Economic:

      • Australia

        • December housing finance (4.1%) m/m vs +1.0% in November

        • Q4 PPI +0.9% q/q vs +1.8% in Q3

          • PPI 4.1% y/y vs +3.8% in Q3

      • South Korea January

        • CPI +2.8% y/y vs consensus +2.9% and +3.2% in prior month

          • CPI ex-food & energy +2.5% y/y vs consensus +2.7% and +2.8% in prior month

    • Markets:

      • Nikkei: 146.56 or +0.41% to 36158.02

      • Hang Seng: (32.65) or (0.21%) to 15533.56

      • Shanghai Composite: (40.59) or (1.46%) to 2730.15

      • Shenzhen Composite: (46.05) or (2.99%) to 1491.70

      • ASX200: 111.20 or +1.47% to 7699.40

      • KOSPI: 72.85 or +2.87% to 2615.31

      • SENSEX: 394.50 or +0.55% to 72039.80

    • Currencies:

      • $-¥: +0.16 or +0.11% to 146.5890

      • $-KRW: (6.48) or (0.49%) to 1323.2900

      • A$-$: +0.00 or +0.34% to 0.6594

      • $-INR: (0.09) or (0.11%) to 82.8637

      • $-CNY: (0.00) or (0.01%) to 7.1522

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