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 - Europe Pre-Open: FTSE +2.1%, DAX +2.2%, CAC +2.5%, IBEX +2.1%, MIB +2.3%

Apr 14 ,2025

  • Synopsis

    • European equity markets set to open broadly higher this morning. Note European markets last week experienced extreme volatility sparked by US tariff developments. The Stoxx 600, still down (10.6%) since "Liberation Day," rebounded from a 13-month low, down just (1.9%) on the week, driven by gains in banks and retail.

    • Asian equites advancing Monday as market react to electronics tariff exemption news. Benchmarks across Greater China, Japan, Taiwan, Korea and Australia all trading higher. S&P 500 futures extending gains after index capped best week since Nov-2023.

    • Eventful weekend of trade developments with focus shifting to electronics after Commerce Secretary Lutnick said they would receive temporary exemption from 10% baseline tariff and 125% China tariffs. Trump warned electronics tariffs still in the pipeline, flagging national security probe into whole electronics supply chain. Trump previously threatened tariffs on semiconductors and Lutnick estimated they could be in place in 1-2 months. White House also said chips would be subject to different tariff rate. Trump to provide update on chip tariffs Monday.

    • US electronics tariff exemption a positive early driver. Multiple press reports highlighted AAPL and NVDA as winners from the exemption, with secondary benefits for Asian semiconductor companies. Some hope reprieve marks small de-escalatory step in US-China trade war after Beijing welcomed development.

    • In notable Asia macro data, China export growth accelerated by more than expected, reflecting continued purchase front-loading ahead of Trump's tariffs. However, imports contracted further.

    • This week sees ECB interest rate decision, with economists expecting a 25bps cut as President Lagarde addresses trade shock uncertainties. ECB's bank lending survey, due Tuesday, will also draw attention. Also out this week are Germany Apr ZEW survey, UK Apr employment data and further Mar CPIs from across the region, as well as earnings/updates from heavyweights including ABB (ABBN.SW), ASML (ASML.NA), Sainsbury (SBRY.LN), Ericsson (ERIC.B.SS), L'Oreal (OR.FP) and LVMH (MC.FP).

    • Easter shortened week sees a handful of Scandinavian markets closed on Thur, with the vast majority of the region's markets closed on Fri.

    • European macro data releases today: Finland Mar CPI comes in at +0.5% y/y vs consensus +0.8% and prior +0.5% . Switzerland Mar PPI also due.

    • In the UK, Rightmove notes average price for houses and apartments advertised between March 9 and April 5 was a record £377,182, reflecting a 1.4% increase from the previous month - a bigger-than-usual rise for the time of year, Rightmove said. Asking prices for housing on sale in Britain this month are 1.3% higher than a year earlier, despite the end of a tax break, pushing the average price above a previous record set in May 2024. (Reuters)

    • Today sees OPEC release latest Monthly Report. In politics, EU's Šefčovič in Washington DC for trade tariff talks with U.S. officials and Portugal general election tv debates on RTP1 at 21:00CET (Luís Montenegro (AD) x Rui Rocha (IL)) and on SIC Notícias at 22:00 (Mariana Mortágua (BE) x Rui Tavares (Livre)). 1st EU-Palestine High-Level Political Dialogue whilst EU's Kallas chairs Foreign Affairs Council

    • Among corporate highlights, Ageas (AGS.BB) to acquire digital personal lines insurer esure 1 from Bain Capital for £1.295B (€1.510B); transaction expected to generate uplift in RoE of more than 1pp; (AXA (CS.FP) and BNP Paribas Cardif sign Share Purchase agreement for Investment Managers (IM); Salzgitter (SZG.GR) ends discussions with consortium of GP Günter Papenburg AG and TSR Recycling GmbH & Co. KG regarding a potential takeover offer; Fortum (FORTUM.FH) considering acquiring Uniper's (UN01.GR) Swedish assets, report the FT; Greenyard (GREEN.BB) confirms Deprez family intends to launch a voluntary and conditional takeover bid in cash on all shares in at €7.40 per share

  • Politics/Macro/World News

    • UK retail bosses raise fears of Chinese 'dumping' due to Trump tariffs - FT

    • Bank of England's Greene says dollar drop adds to tariff inflation puzzle -- Reuters

    • SNB Seen Resisting Urge to Go Negative in Fight Over Franc Gains -- Bloomberg

    • Trump says he will provide more info on chips tariffs on Monday -- Reuters

    • France Needs €40 Billion in Savings to Reach 2026 Deficit Target -- Bloomberg

    • S&P Global Ratings raises long-term foreign and local currency sovereign credit ratings on Italy to 'BBB+' from 'BBB' -- link

    • Italy's Giorgetti Says No Extra Borrowing Despite Lower Growth -- Bloomberg

  • Top company news

    • Earnings/updates

      • IBE.SM (Iberdrola) -- reports provisional Q1 total electricity production 35,515 GWh, (13.3%) y/y

      • KESKOB.FH (Kesko) -- reports March sales from continuing operations €1.05B, +3.9% in comparable terms

      • KOF.FP (Kaufman & Broad) -- reports Q1 net income €11.6M vs year-ago €11.0M

      • C3RY.GR (Cherry) -- announces recognition of asset impairment for 2024; updates adjusted EBITDA margin for FY24

      • Also reporting today

        • Earnings:

          • DACHs: Burkhalter Holding (BRKN.SW)

          • France: Robertet (RBT.FP)

          • Nordics: TF Bank (TFBANK.SS)

        • Trading Update:

          • Southern Europe: Galp Energia SGPS (GALP.PL)

          • UK: Ashmore Group (ASHM.LN)

        • CMD/events: Technoprobe (TPRO.IM)

    • M&A

      • CS.FP (AXA) -- and BNP Paribas Cardif sign Share Purchase agreement for Investment Managers (IM)

      • AGS.BB (Ageas) -- to acquire digital personal lines insurer esure 1 from Bain Capital for £1.295B (€1.510B); transaction expected to generate uplift in RoE of more than 1pp (

      • SZG.GR (Salzgitter) -- ends discussions with consortium of GP Günter Papenburg AG and TSR Recycling GmbH & Co. KG regarding a potential takeover offer; program P28 now targets €500M in savings

      • TEF.SM (Telefonica) -- sells its ~99.3% stake in Telefónica del Perú S.A.A to Integra Tec International Inc. for ~ €900K

      • BAM (Brookfield Asset Management) -- Scape wins exclusivity in bid for Brookfield's Aveo - Australian Financial Review, citing sources

      • VK.FP (Vallourec) -- in exclusive negotiations to sell Serimax for an enterprise value of €79M, including earn-out

      • SWON.SW (SoftwareONE Holding) -- SoftwareONE shareholders approve all proposals in connection with the offer to acquire Crayon

      • CVC.NA (CVC Capital Partners) -- CVC has looked at making offer for Golub Capital - FT

      • HTG.LN (Hunting) -- Oasis Management wants Hunting to spend $145M on investors or acquisitions - Sunday Times

      • LMP.LN (LondonMetric Property) -- confirms submission of non-bidning proposal to acquire Urban Logistics REIT

      • UN0.GR (Uniper) -- Fortum considering acquiring Uniper's Swedish assets - FT

      • GREEN.BB (Greenyard) -- confirms Deprez family intends to launch a voluntary and conditional takeover bid in cash on all shares in at €7.40 per share

      • COXG.SM (Cox ABG Group) -- will attend to expressions of interest in the share exchange received from any shareholder of Cox Energy, S.A.B. de C.V.

      • ELLAKTOR.GA (Ellaktor) -- agrees to divest real estate properties to Dimand Real Estate Development; agreed value of the properties is €85.6M

      • Alphabet, Nvidia among parties investing in Safe Superintelligence; terms unreported - Reuters, citing source familiar with the matter

    • Healthcare

      • AMGN (Amgen) -- Sandoz files antitrust suit against Amgen regarding US patient access to Erelzi

      • ROG.SW (Roche Holding) -- Roche's Columvi gets EU approval as the first bispecific antibody for diffuse large B-cell lymphoma after initial therapy

      • UCB.BB (UCB) -- announces findings from real-world evidence studies of romosozumab

    • Other

      • NEX.FP (Nexans) -- launches share buyback program for a maximum of 750K shares

      • B2W.GR (Borr Drilling) -- files automatic mixed shelf of indeterminate amount - F-3ASR

      • Estimated weekend box office revenues in US, Canada $149.1M, +98.2% y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • SY1.GR (Symrise) -- to buy from neutral at Citi

    • Downgrades

      • BN.FP (Danone) -- to neutral from buy at Citi

      • ENX.FP (Euronext) -- to underperform from neutral at BNP Paribas Exane

  • Data

    • Nikkei +1.67% to 34146.77

    • Hang Seng +1.85% to 21300.81

    • Shanghai Composite +0.63% to 3258.66

    • S&P futures +57.0 vs prior close of 5391.3

    • €-$ +0.0066 or +0.58% to 1.1386

    • $-¥ (1.20) or (0.84%) to 142.71

    • €-¥ (0.40) or (0.25%) to 162.49

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