Leaving BNY Website

 

You are leaving the BNY 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

© 2024 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@bnymellon.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.

Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.12%, Hang Seng closed, Shanghai Composite +0.14% as of 03:10 ET

Dec 26 ,2024

  • Synopsis:

    • Asia equities ended mostly higher amid low volumes. Japan outperformed with strong gains as the yen remained weak post Ueda comments yesterday. Mainland China boards edged higher while there were small gains in Taiwan. Korea fell the most. Southeast Asia mixed. India trading flat. Hong Kong, Australia, Indonesia all closed for a holiday. US futures edged higher. Dollar stronger against Korean won, kiwi and Aussie, yen weaker as Ueda repeated cautious rate-hike remarks yesterday. Treasury yields higher across tenors. Crude oil and gold both higher. Bitcoin under pressure.

    • Japan's boards continue to benefit from the weak yen, which is hovering near five-month lows following Governor Ueda's comments Wednesday which merely repeated his cautious tone from last week. Meanwhile, PM Ishiba's cabinet is expected to approve a record initial budget on Friday for next fiscal year starting in April 2025 that will ramp up spending on defense and support for local economies. On Thursday, Japan's retail and tourism-related shares gained Thursday after Japan and China agreed to introduce more measures to promote travel between two countries following FM Iwaya's visit to Beijing.

    • In other developments, PBOC kept MLF rate unchanged as expected on Wednesday and had a net liquidity drain of CNY1.15T ($158B), the most since 2014, with analysts saying it wanted to hold back liquidity in the event of a ratchet higher in trade sanctions next year. PBOC also cited ample liquidity and has resorted to other tools recently to manage funding as MLF's importance wanes relative to 7D reverse repo rate. China revised up its 2023 GDP by 2.7% to CNY129.4T. Bank of Thailand expects inflation to stay within 1%-3% target range through 2026 with the governor saying band as appropriate and supportive of coutnry's growth potential. South Korea's main opposition party said it will introduce bill to impeach acting President Han Duck-soo and hold a vote on Friday. India has surpassed China as Asia's top market for company listings in 2024.

    • Activist investor Oasis said it had increased its equity stake in Kobayashi Pharmaceutical (4967.JP) from 7.5% to 10.1%. Toyota Motor (7203.JP) said it targets a doubling of ROE to 20% from current 11% estimate, said global production had fallen for a tenth consecutive month despite higher sales volume. Bain and KKR are reported to have bid more than $5B for Seven & i (3382.JP) non-core assets. JIP's bid was at lower end. Wuxi AppTec (2359.HK) said its subsidiaries have signed a deal with PE firm Altaris for sale of its cell and gene therapy manufacturing unit, WuXi Advanced Therapies, for undisclosed sum.

  • Digest:

    • PBOC keeps MLF rate unchanged as economists eye RRR cut:

      • PBOC left MLF rate unchanged as expected Wednesday. With CNY1.45T maturing that resulted in a net liquidity drain of CNY1.15T, fifth straight withdrawal and largest since 2014 (Bloomberg). PBOC again cited ample liquidity and has resorted to other tools recently to manage funding as MLF's importance wanes relative to 7D reverse repo rate. China Daily cited unnamed sources close to PBOC who said MLF is no longer indicative of policy intentions and economists anticipate China will lean more on outright reverse repos to replace MLF. In late November PBOC conducted CNY800B in outright reverse repos (3M tenor) and acquired further CNY200B of government bonds via OMOs (Reuters). With authorities pivoting to 'moderately loose' monetary policy stance in 2025, expectations remain for further rate cuts with some economists eying near-term RRR reduction, reflecting seasonal rise in cash demand ahead of Spring Festival, as well as upcoming government plans for large-scale bond issuance.

    • BOJ Governor Ueda flags rate hikes if economy and inflation improve, but timing uncertain:

      • Speaking Wednesday, BOJ Governor Ueda reiterated further rate hikes needed if economy and prices continue to improve. Said important to keep policy accommodative to ensure Japan does not return to deflationary environment, though at same time Ueda warned risk of inflation accelerating beyond 2% if central bank keeps rates too low. Repeated BOJ paying attention to domestic and external factors, particularly policies of incoming US administration and their impact on Japan's economy and prices. Upcoming wage talks another key short-term issue with BOJ keeping eye on how wage hikes by small and medium-sized firms evolve. Nothing really in Ueda's speech that swung market's rate hike expectations with OIS implying ~46% odds of January increase and 82% chance of March move (Bloomberg). Comes after Ueda's post-meeting press conference was widely perceived as dovish after he indicated lack of urgency to raise rates while his focus on 2025 shunto outcomes has tilted rate hike expectations towards March.

    • Japan government planning record ¥115.5T ($735B) budget:

      • Reuters cited draft budget showing Japan government planning record ¥115.5T ($735B) budget for fiscal year beginning April, up from this year's ¥112.6T budget. On Friday, Cabinet expected to sign off on budget submission to parliament for debate early next year. New bond issuance projected to fall to ¥28.6T from this year's initial ¥35.4T, first time figure has dropped below ¥30T in 17 years. Assumes 10Y yield rising to 2% from 1.9%, increasing debt servicing costs to ¥28.2T from ¥27T. Fall in issuance aided by ¥8.8T rise in tax revenue to record ¥78.4T, driven by growth in corporate profits. On Wednesday, government left unchanged FY25 GDP growth forecast of 1.2% (Jiji Press). Maintained its view for solid personal consumption, which was forecast to rise 1.3% amid stable inflation rate of 2.0%. However, government revised down FY24 GDP growth estimate to 0.4% from 0.7%, citing softer export demand from China, weaker consumption and capex.

    • Japan and China foreign ministers agree to promote tourism, discuss food imports:

      • Japan retail and tourism stocks strengthening Thursday with upside attributed in part to latest developments in China-Japan relations (Reuters, Bloomberg). Japan Foreign Minister Takeshi Iwaya met China Foreign Minister Wang Yi in Beijing on Wednesday. Two agreed to continue high-level discussions with Wang to visit Japan next year, marking first such visit by a China foreign minister in more than four years. Meeting also raised prospect of Japan and China holding security and economic dialogues. Following China's move to include Japan in visa-free travel, Japan will relax restrictions on tourist visas for Chinese citizens. Both also agreed to introduce measures aimed at promoting tourism between the two countries. Japan and China indicated readiness to begin discussions on resuming imports of Japanese beef and rice. While there was no agreement on China's ban on Japanese seafood imports implement on Aug-2023, Nikkei reported Monday China is weighing lifting the ban in H1 2025.

    • Notable Gainers:

      • +8.3% 3086.JP (J. FRONT RETAILING): Earnings

      • +7.3% 4204.JP (Sekisui Chemical): To invest ¥314.5B in mass production of next-gen solar cells with new plant in Sakai

      • +6% 7203.JP (Toyota Motor): Reportedly to target ROE of 20% for FY ending Mar-25

      • +4.6% 5E2.SP (Seatrium): Takes full ownership of FLNG Hilli for $90.2M

    • Notable Decliners:

      • -2.9% 603779.CH (Wei Long Grape Wine Co.): Actual controller Yan Pengfei under residential surveillance at a designated location

  • Data:

    • Economic:

      • Singapore

        • November Manufacturing Production NSA Y/Y +8.5% versus +1.2% in prior month

      • Japan

        • November services PPI +3.0% y/y vs consensus +3.0% and +2.9% in prior month (25-Dec)

    • Markets:

      • Nikkei: 437.63 or +1.12% to 39568.06

      • Hang Seng: 0.00 or 0.00% to 20098.29

      • Shanghai Composite: 4.73 or +0.14% to 3398.08

      • Shenzhen Composite: 16.88 or +0.85% to 2010.96

      • ASX200: 0.00 or 0.00% to 8220.90

      • KOSPI: (10.85) or (0.44%) to 2429.67

      • SENSEX: 14.34 or +0.02% to 78487.21

    • Currencies:

      • $-¥: +0.19 or +0.12% to 157.3560

      • $-KRW: +6.76 or +0.46% to 1466.4100

      • A$-$: (0.00) or (0.07%) to 0.6233

      • $-INR: +0.08 or +0.09% to 85.2655

      • $-CNY: +0.00 or +0.04% to 7.2982

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