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 (0.98%), Hang Seng (0.79%), Shanghai Composite (0.68%) as of 04:10 ET

May 15 ,2025

  • Synopsis:

    • Asia equities ended mostly lower Thursday. Japan, Greater China and several Southeast Asia boards all posted sharp declines. India, South Korea and Taiwan ended with modest losses. Small gains for Australia and Singapore. US futures lower, Europe opened down. US dollar weaker, yen strengthening, AUD higher for a time after jobs report but settled back to end lower. Treasury and JGB yields a touch higher. Crude blends sharply lower on positive Iran nuclear sentiment. Precious metals also lower as safe haven demand wanes, base metals mixed.

    • Asia equities retreated in a quiet day's trading amid an absence of fresh catalysts, a mixed session on Wall Street overnight, and US futures that are currently trading lower. A Treasuries rally also weighed a little on equity sentiment with two- and ten-year yields back to levels last seen in February, and as Fed Fund Futures price in just two more cuts this year for the first time also since February. Asia currencies mixed with volatility sparked by reports late Wednesday South Korea and US officials had discussed forex policies in trade talks, later denied by Washington that said it was not seeking currency pledges.

    • In macro news, Australian April employment data came above expectations but the unemployment rate was unchanged. Follows rebound in Q1 wage growth, adding to evidence of a still-tight labor market. China credit data showed larger-than-forecast drop in new loans and record low growth in outstanding loan growth, adding to poor inflation data released Wednesday.

    • Rakuten (4755.JP) posted much weaker-than-expected Q1 earnings, its 19th consecutive quarterly loss; stock sharply lower. Sun Hung Kai Properties (86.HK) sold out the first batch of homes for a new project as Hong Kong interest rates hover at almost three-year lows. State-owned India Railway Finance Corp (543257.IN) has received government approval to raise up to $1.17B in deep-discount bonds that do not pay regular interest.

  • Digest:

    • China eases non-tariff actions against US as focus turns to talks with other Asian nations:

      • In latest trade developments, China wound back punitive actions against US after this week agreeing to reduce tariffs to 10%. China agreed to suspend unreliable entities list announced in April targeting US companies (Xinhua). China also suspended curbs on exports of rare earths and other goods (Bloomberg). There was some attention Wednesday to reports that US-Asia trade deal discussions involved exchange rate policies with aim of weakening dollar (Bloomberg). However, later Bloomberg article cited sources who said US officials not looking to insert currency pledges in trade agreements. Fox sources on Wednesday claimed South Korea and Japan reportedly close to trade deal with US, though separate reports have discussed potential for negotiations to drag on (Nikkei). Countries such as India also said to be leaning towards tougher stance in talks (Bloomberg). USTR Greer in Asia for APEC meeting, where he is expected hold talks with Asian trade ministers (Bloomberg). Greer earlier said US willing to move quickly on trade talks with parties wanting to be ambitious though he also lent support to notion of 10% baseline tariff as floor and maintained US not budging on sectoral tariffs.

    • BofA Asia FMS shows pessimism receding ahead of US-China trade talks:

      • BofA Asia FMS indicated broad-based easing in investor pessimism toward the region. Report emphasized the survey was completed on 8-May before the US-China trade talks in Geneva. On regional economic outlook, net pessimism fell to 77% from 89%. Net proportion foreseeing earnings slowdown dropped to 58% from 78%. Yet, China sentiment improved to a lesser extent with net 48% anticipating weaker economy vs 59% last month. Proportion seeking rotation out of China fell to 16% from 26%. Key development was the emergence of India as the most favored market, overtaking Japan which had a big lead over other markets. India perceived as likely beneficiary of supply chain re-alignments in the wake of tariffs. China rebounded to third place from last. Asia ex-Japan sector preferences saw overweight telecom and software, while avoiding energy, materials and consumer discretionary ex-retail/e-commerce. Pessimism toward the semiconductor cycle moderated to net 42% from 59%. Japan banks remained the top choice, while real estate took second place. China continued to see preference for AI/semis and buybacks/dividends. India interest remains focused on infrastructure and consumption.

    • BOJ rate hike forecasts pushed back to Q4, though views largely split:

      • Latest Reuters consensus poll (n=62) reaffirmed expectations for a BOJ rate hike by year-end. Median estimate for the policy rate at September-end was 0.50%, revised from 0.75% last month, while the December projection was unchanged at 0.75%. However, December consensus was largely split with only 52% looking for a rate hike. Results were generally consistent with markets pricing in nearly 19 bp by year-end. Main development was that previous expectations for a July move have largely diminished due to uncertainties posed by US tariff developments. Survey results follow a recent Nikkei piece noting the revival in rate hike expectations after the US-China trade talks in Geneva, albeit relatively cautious against levels preceding the US reciprocal tariffs implemented in early April. Market-implied odds now point to September as the earliest viable timing. Yet, there was no strong case for a September move, shortly following the 90-day expiry of US-China tariff cuts in early July as well as the upper house election expected to be held 20-Jul. October presents the next opportunity for BOJ forecast revisions in the Outlook Report after board members' conviction towards the April forecasts were hampered by lack of clarity on tariff policies and cautioned that risks to their projections were symmetric.

    • Australian labor market remains tight but markets still pricing in May rate cut:

      • May RBA rate cut expectations remain intact following hotter-than-expected April jobs data. Australian economy added 89K jobs in April against consensus 22.5K and March's 36.4K increase, representing largest monthly increase since early 2024. Unemployment held at an in-line 4.1% as participation rate rose to 67.1% from 66.8%. Follows wage figures on Wednesday that showed wage growth reaccelerated in Q1 for first time since Q2 2024. While data adds to signs of a still-tight labor market, RBA rate cut expectations have largely been informed by disinflation momentum with trimmed mean inflation in Q1 returning to 2-3% target band for first time since late 2021. Moreover, jobs figures being discounted by some economists with ANZ anticipating RBA will look through April's figures like it did with February's unusually large drop. Futures still pricing in ~90% chance of a May rate cut following jobs data. At same time, evidence of still-tight labor market and tamping down of US-China trade tensions have seen markets wind back expectations to three rate cuts in 2025 from four previously.

    • Japan automakers project $21B tariff, FX hit this year:

      • Nikkei aggregated auto sector financial results highlighting FY guidance points to a combined JPY3.10T ($21.16B) drag on net profits from tariff and FX factors. Noted three of the seven companies with the highest US exposure -- Nissan (7201.JP), Subaru (7270.JP), Mazda (7261.JP) -- withheld profit guidance due to uncertainties. Combined tariff hit alone made up JPY1.70T with Honda (7267.JP) the highest at JPY650B, followed by Nissan at up to JPY450B and Subaru at up to JPY360B. Toyota (7203.JP) estimate was partial, covering only Apr-May for JPY180B citing forecast difficulties due to the fluidity of the situation. On FX factor, five firms provided estimates totaling a negative impact of JPY1.40T, largely a function of assumed USD/JPY rates. Honda was the most aggressive at 135, while Toyota, Nissan and Mitsubishi (7211.JP) projected a more conservative 145. Article noted that US-China trade talks in Geneva drove yen weakness, currently in the 146 range, which would provide an FX windfall. Still, underlying profitability looks to remain solid as Honda CEO Toshihiro Mibe was quoted as saying the company can generate profits of more than JPY1.4T without tariff and FX effects. Strategic adjustments also in focus as Mitsubishi (with no US production) is considering joint local production with Nissan. Some thoughts automakers can compete with existing local inventories in an environment where prices are set to rise.

    • Notable Gainers:

      • +6.5% 011200.KS (HMM): reports Q1 earnings with operating profit ahead of FactSet estimates

      • +5.1% 071050.KS (Korea Investment Holdings Co.): reports Q1 earnings with operating profit ahead of FactSet estimates

      • +3.4% 7532.JP (Pan Pacific International Holdings): reports Q3 earnings with revenue and operating profit ahead of FactSet estimates

      • +2.2% 4612.JP (Nippon Paint Holdings): reports Q1 earnings with operating profit ahead of FactSet estimates

    • Notable Decliners:

      • -8.8% 4755.JP (Rakuten Group): reports Q1 results with non-GAAP operating income below StreetAccount estimates

      • -5.5% 4523.JP (Eisai): reports Q4 results with operating profit below FactSet estimates

      • -3.2% 8316.JP (Sumitomo Mitsui Financial): reports FY results with net income attributable below FactSet estimates

      • -0.7% 9433.JP (KDDI Corp): reports Q4 earnings; conducts tender offer for up to 196M shares at ¥2,307/share

      • -0.2% 700.HK (Tencent Holdings): reports Q1 results; shares fall despite beat

  • Data:

    • Economic:

      • Australia April

        • Employment +89.0K m/m vs consensus +22.5K and revised +36.4K in March

          • Unemployment rate 4.1% vs consensus 4.1% and 4.1% in March

          • Participation rate 67.1% vs consensus 66.8% and 66.8% in March

    • Markets:

      • Nikkei: (372.62) or (0.98%) to 37755.51

      • Hang Seng: (187.49) or (0.79%) to 23453.16

      • Shanghai Composite: (23.13) or (0.68%) to 3380.82

      • Shenzhen Composite: (27.64) or (1.37%) to 1982.95

      • ASX200: 17.90 or +0.22% to 8297.50

      • KOSPI: (19.21) or (0.73%) to 2621.36

      • SENSEX: 633.41 or +0.78% to 81963.97

    • Currencies:

      • $-¥: (0.92) or (0.63%) to 145.8280

      • $-KRW: (9.80) or (0.70%) to 1398.5100

      • A$-$: (0.00) or (0.12%) to 0.6421

      • $-INR: +0.06 or +0.07% to 85.5511

      • $-CNY: +0.00 or +0.02% to 7.2097

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