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 (1.46%), Hang Seng +0.91%, Shanghai Composite +0.59% as of 04:10 ET

Mar 28 ,2024

  • Synopsis:

    • The Asia Market Recap will not be published on Friday 29-Mar and will resume on 1-Apr.

    • Asian equities again finished mixed Thursday in another quiet session as the month and quarter draw to a close. Greater China markets among the gainers although the main benchmarks were off their highs by the bell. Australia higher as bank and mining names gained. India ending the month with solid gains. On the downside, Japan's Topix and Nikkei saw some sharp losses on re-balancing and profit taking dynamics. South Korea and Taiwan both lower. Southeast Asia also mainly lower. US futures largely unchanged, Europe opening slightly higher. US dollar unchanged, pressure on AUD and NZD but other forex quiet. Treasury yields mostly higher, JGB 10Y yield at month-long low. Crude oil higher, precious metals and industrial metals mixed. Cryptocurrencies higher.

    • China markets at least ended March on a high. The Hang Seng closed just 0.2% higher for the month with mainland bourses mostly down in a volatile period as more supportive economic data was eyed with skepticism by markets that questioned its sustainability just as the yuan weakened and the bond rally stalled. Today, the modest rally attributed by some to a SCMP article that said President Xi had instructed the PBOC to increase the trading of treasury bonds, last used more than 20 years ago in a prelude to a broad stimulus plan. The rally petered out in the afternoon session as traders turned cautious ahead of the long weekend.

    • Currencies again taking the spotlight after more BOJ-speak and March Summary of Opinions that warned over excessive moves on the yen on the one hand, yet emphasized accommodative monetary policy on the other. Markets continue to trade the yen just below the 152 per dollar mark, considered a red line for the BOJ in terms of intervention. The yuan also weakened in March amid much discussion on whether the PBOC wants to free the currency to market processes or keep a tight grip on its range. Few fresh clues today per se, although a Bloomberg article noted the five-month long CGB bond rally may end, partly as traders begin to see a weaker yuan ahead.

    • In macro developments, Australia retail sales slowed by more than expected despite one-off benefits from Taylor Swift concerts. New Zealand business confidence weakened again, though accompanied by drop in inflation pressures. Thailand industrial output fell by less than expected in February. Singapore producer prices contracted 2.8% y/y in February.

    • Authorities said to be readying fuel to be inserted into one of Tokyo Electric Power's (~9501.JP~) nuclear power plants as early as mid-April. BYD (~1211.HK~) says it targets 20% growth in annual sales including 500K overseas unit sales next year (Reuters). A Shimao Group (~813.HK~) ad hoc bondholder group "firmly opposes" the company's debt restructuring proposal while a second group is also said to be discontented with the terms. 360 Capital Group (~TGP.AU~) sold a stake in Hotel Property Investments for A$96.9M, almost A$14M above the carry value of the stake. The Adani family has injected $799M into Ambuja Cements (~500425.IN~) by increasing its stake by 3.6% to 66.7%, wants to push annual production to 140M tonnes by 2028.

  • Digest:

    • BOJ members sees shift to conventional policy as possible, future policy conduct crucial:

      • BOJ March Summary of Opinions showed one member said possible now to shift to conventional monetary policy where short-term rates are primary policy tool. One said important to stress March policy change does not represent regime shift to tightening, echoing another who emphasized need for cautious stance given Japan's economy not yet ready for rapid rate hikes. Another member said future policy conduct will be crucial in deliberately and steadily normalizing policy. Another warned virtuous cycle momentum at risk if expectations of future policy changes results in sudden change in financial conditions. One noted JGB purchases to be conducted flexibly with aim of avoiding rapid fluctuations in long-term interest rates, though with upper and lower allowances of around plus/minus JPY1-2T as an example. On price discussions, one member noted virtuous cycle between wages and prices has become more solid while another saw high likelihood mechanism behind price developments will remain consistent with price stability target.

    • Japan officials step up intervention warnings after yen fell to 34-year low:

      • Japan government officials stepped up intervention rhetoric after yen briefly fell to 34-year low against dollar Wednesday (Reuters). BOJ, Ministry of Finance and Financial Services Agency held meeting Wednesday to discuss yen weakness with FX chief Kanda not ruling out steps to respond to disorderly moves. Finance Minister Suzuki mentioned possibility of taking "decisive steps", marking first time he made those comments since 2022 (prior to that year's intervention). Governor Ueda also said keeping close eye on FX moves, warning of risk to economy and price outlook. While yen recovered slightly following the remarks, it remains just shy of 152-per dollar handle that some FX strategists eyeing as intervention point (Bloomberg). Recall Oct-2022 intervention occurred around this level as well. Wider Treasury-JGB yield gap attributed mostly for exerting downward pressure on yen, reflecting hawkish repricing of Fed rate path over March and dovish-leaning BOJ remarks on post-NIRP path. Bearish positioning another factor with speculative yen short contracts near six-year high (Bloomberg).

    • China's bond rally set to end as yields hover at record lows:

      • China's government bond yields set to end March only marginally lower following near five-month descent on easing monetary policy, high liquidity levels. CGB rally seen 10Y yield fall from nearly 2.75% in mid-October to 2.31% now, 30Y yield 3.0% to 2.5% in same period however prices largely stalled in March as traders grappled with expected further PBOC easing, versus expectations of higher debt issuance and potential yuan weakness ahead. Bloomberg noted traders reconsidering bond positions considering rally, as well as their risk profile given possibility of extra stimulus to support property sector; this could trigger move to riskier assets leaving them exposed and start sell-off. Beijing's stated aim to issue more debt could place upward pressure on yields, article said. Economists views split over whether markets have too aggressively priced in PBOC rate cuts as 10Y yields around 20 bps lower than 1Y policy loans, could correct sharply if economic fundamentals improve.

    • China's property downturn putting pressure on banks' asset quality:

      • Somewhat unsurprisingly, early results from China's largest state banks revealed balance sheet pressures from exposure to nation's troubled property market. Bank of Communications (3328.HK) NPL ratio for property loans climbed to 4.99% at end of 2023 from 2.8% a year earlier, while ICBC's (1398.HK) residential loan NPL ratio rose from 0.39% to 0.44% against company-wide fall. Interest rate cuts also weighed on earnings with Bocom's net interest margin falling to 1.28% from 1.48% and ICBC's dropping to 1.61% from 1.92%. Banks continue to face pressure from China's authorities to extend financing for approved development projects. However, China's deteriorating housing market and expectations of further rate cuts seen an ongoing risks to asset quality and interest margins. Early 2024 China housing data has shown showed continued large declines in new construction starts, value of new home sales and home prices. While Beijing has signaled more support for property market, measures have fallen short of the kind of large-scale measures considered necessary to revive homebuying activity.

    • Taylor Swift boosts Australian retail sales, New Zealand business confidence eases:

      • Australian February retail sales growth fell to 0.3% m/m from January's 1.1% increase, near consensus for a 0.4% lift. However, weakness masked by one-off boosts to clothing, footwear and personal accessory retailing (+4.2%), department stores (+2.3%) and spending on cafes, restaurants and takeaway services (+0.5%), mostly due to Taylor Swift concerts. Excluding these one-off impacts, underlying retail turnover up just 0.1% in trend terms. Household goods retailing (-0.8%) and other retailing (-0.4%) were the notable drags. New Zealand ANZ business confidence index eased to +23 in March from +34.7 in February. Accompanied by softening in firms' own activity outlook as export, investment and employment intentions fell noticeably. Inflation measures eased with services pricing intentions registering a drop and inflation expectations falling below 4% for first time since late 2021. Survey consistent with hard data showing disinflation momentum and deteriorating economic growth.

    • Notable Gainers:

      • +17.8% TGP.AU (360 Capital Group): Sells stake in Hotel Property Investments for A$96.9M

      • +9.6% 363.HK (Shanghai Industrial Holdings): Reports FY net income attributable HK$3.42B, +48% vs year-ago HK$2.31B

      • +4.3% 8088.JP (Iwatani): Reportedly to double domestic production of liquid hydrogen

      • +3.7% 1926.JP (Raito Kogyo Co.): Increases buyback to up to 3.7M shares from up to 1.1M shares

      • +2.5% 9501.JP (Tokyo Electric Power Co. Holdings): Nuclear fuel reportedly to be put into Kashiwazaki-Kariwa nuclear plant No.7 reactor as early as mid-April

    • Notable Decliners:

      • -34.2% 867.HK (China Medical System Holdings): Reports FY adjusted net income CNY2.71B vs FactSet CNY3.23B

      • -22.1% 392.HK (Beijing Enterprises Holdings): Reports FY net income attributable HK$5.50B vs year-ago restated HK$6.51B

      • -18.8% 6855.HK (Ascentage Pharma): Reports FY net income attributable (CNY925.6M) vs year-ago (CNY882.9M)

      • -7.8% 581.HK (China Oriental Group): Reports FY net income attributable (CNY160M) vs year-ago CNY808M

      • -3.2% CU6.AU (Clarity Pharmaceuticals): Completes placement and institutional offering raising A$110M at A$2.55/share

  • Data:

    • Economic:

      • Australia February

        • Retail sales +0.3% m/m vs consensus +0.4% and +1.1% in January

        • Private sector credit +0.5% m/m vs consensus +0.4% and +0.4% January

      • New Zealand March

        • ANZ Business Confidence +22.9 vs +34.7 in February

    • Markets:

      • Nikkei: (594.66) or (1.46%) to 40168.07

      • Hang Seng: 148.58 or +0.91% to 16541.42

      • Shanghai Composite: 17.52 or +0.59% to 3010.66

      • Shenzhen Composite: 29.36 or +1.72% to 1732.61

      • ASX200: 77.30 or +0.99% to 7896.90

      • KOSPI: (9.29) or (0.34%) to 2745.82

      • SENSEX: 911.65 or +1.25% to 73907.96

    • Currencies:

      • $-¥: +0.10 or +0.07% to 151.4050

      • $-KRW: (1.55) or (0.11%) to 1349.0100

      • A$-$: (0.00) or (0.53%) to 0.6499

      • $-INR: (0.05) or (0.05%) to 83.3958

      • $-CNY: (0.00) or (0.02%) to 7.2263

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