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 (0.1%), DAX (0.4%), CAC (0.3%), MIB (0.4%)

Jul 21 ,2025

  • Synopsis

    • European equity markets set to open broadly lower. Last week, the Stoxx 600 ended broadly flat, as increased tariff threats from US President Trump were balanced by broadly better earnings reports. Fresh all-time highs for US indices also helped support sentiment.

    • Asian equities mostly higher Monday. Greater China markets higher with infrastructure stocks rallying after Tibet dam construction greenlit by authorities. Press discussing fallout from Japan's ruling coalition having lost its upper house majority in Sunday's election.

    • Trade negotiations in flux less than two weeks before 1-Aug, which Commerce Secretary Lutnick reiterated is a hard deadline. FT reported over the weekend, citing sources, that Trump reportedly seeking 15-20% minimum tariff on all EU goods. Bloomberg reports EU envoys are set to meet as early as this week to formulate a plan for measures to respond to a possible no-deal scenario with Trump.

    • In the UK, focus on Rightmove's latest House Price Index (link ), which shows average new seller asking prices drop by 1.2% this month to £373,709. While there's usually a seasonal dip in prices in July, Rightmove notes this is the largest monthly price drop at this time of year recorded by Rightmove over more than twenty years of data. Also of note, Rightmove has reforecast its property price prediction for 2025 from +4% to +2%. With mortgage rates falling and two more Bank Rate cuts still expected in 2025, it says the overall outlook for the second half of the year remains positive.

    • Meanwhile, according to the Deloitte index data, UK consumer confidence fell by -2.6 percentage points in Q2 of 2025, representing the first marked decline in confidence since October 2022, when inflation peaked at its highest rate in 40 years, and the lowest confidence level since Q1 2024. This was driven by a decline in all six measures of confidence of the Deloitte Consumer Tracker index, which is based on responses from 3,200 UK consumers aged 18+ between 13 and 16 June 2025. Sentiment towards job security saw the biggest decline (-4.8 percentage points) as well as consumer confidence about job opportunities and career progression (-3.9 percentage points) following the increase in employer costs and weakening of the labour market.

    • This week sees ECB interest rate decision, EU-Japan and EU-China summits, Eurozone, France, Germany, UK Jul flash manufacturing/services PMIs and Germany Jul Ifo survey as well as earnings/updates from the likes of ASM International (ASM.NA), BNP Paribas (BNP.FP), Iberdrola (IBE.SM), Nestle (NESN.SW), Roche (ROG.SW), TotalEnergies (TTE.FP), UniCredit (UCG.IM), Vivendi (VIV.FP), Vodafone (VOD.LN) and Volkswagen (VOW3.GR).

    • Ryanair (RYA.ID) the notable company reporting this morning. The carrier has reported better than expected Q1 net income, at €819.9M vs StreetAccount consensus €682.2M.

    • Elsewhere, German Chancellor Merz meets with representatives of the "Made for Germany" business initiative, whilst hosting Norway's PM Støre in the evening. A joint press conf is planned afterward.

  • Politics/Macro/World News

    • EU to Prepare Retaliation Plan as US Trade Stance Hardens -- Bloomberg

    • UK Jul house price index +0.1% y/y vs prior +0.8%; reducing its price forecast for 2025 from +4% to +2% - Rightmove

    • UK consumer confidence falls for the first time since Q3 2022 - Deloitte

    • Bank of England scrutinizes lenders for dollar risk amid Trump worries -- Reuters , citing sources

  • Top company news

    • Earnings/updates

      • RYA.ID (Ryanair Holdings) -- reports Q1 EPS €0.77 vs FactSet €0.60 [6 est, €0.45-0.66] (€23.12); says remains too early to provide meaningful FY26 PAT guidance

      • BEAN.SW (BELIMO Holding) -- reports H1 net income CHF101.3M vs FactSet CHF99.2M [2 est, CHF98.0-100.4M]

      • COV.FP (Covivio) -- reports H1 adj. EPRA EPS €2.38 vs year-ago €2.24; raises FY recurring net result (adj. EPRA earnings) guidance

      • IDEX.NO (IDEX Biometrics) -- provides business update and informs that the publication of Q2 earnings is postponed to 27-Aug

      • Also reporting today

        • Earnings:

          • Southern Europe: Galp Energia (GALP.PL), NOS (NOS.PL)

          • UK: MONY Group (MONY.LN)

        • Trading Update:

          • France: Oeneo (SBT.FP)

          • Other: Norilsk Nickel (GMKN.RU)

    • M&A

      • OPAP.GA (Greek Organisation of Football Prognostics) -- acquires the remaining 15.51% stake in Stoiximan for ~ €191.6M on a cash free debt free basis (post EU close 18-Jul)

      • BAS.GR (BASF SE) -- BASF asks shortlisted bidders for coatings business to submit offers next month - Bloomberg

      • VIV.FP (Vivendi) -- EC sends Statement of Objections to Vivendi for possible breach of EU merger rules regarding acquisition of Lagardère before merger approval

      • VIV.FP (Vivendi) -- takes note of the Statement of Objections issued by the EC and denies its claims

      • PRX.NA (Prosus) -- reportedly offers to sell down 27% stake in Delivery Hero to address EU scrutiny over Just Eat Takeaway deal - Bloomberg

      • CA.FP (Carrefour) -- considering selling its Italian operations - Corriere della Sera

      • CVC.NA (CVC Capital Partners) -- reportedly in talks with advisors to plan the refinancing of its sports assets portfolio valued at ~ €9B - Sky News

      • DKSH.SW (DKSH Holding) -- to acquire Eppendorf's direct business in Thailand; terms undisclosed

      • 4FZ.GR (Orbia Advance Corp SAB de CV) -- Supreme Industries agrees to acquire Indian piping business from Wavin Industries for $30.0M (INR25.86B) in cash

      • PHLL.LN (Petershill Partners) -- sells stake in Harvest Partners for a total nominal consideration of $561M

      • AGI.AU (Ainsworth Game Technology) -- major holder accuses company of undervaluing American property assets by over 40% - Australian Financial Review

      • GHC.IM (Garofalo Health Care) -- acquires Casa di Cura Città di Roma S.p.A. for ~ €20.7M (enterprise value)

      • 543245.IN (Gland Pharma) -- Brookfield, EQT shortlisted to buy Gland Pharma from Fosun Group - Economic Times

      • Cedar Pacific seeking to sell student accommodation platform UniLodge - The Australian

    • Healthcare

      • HLUN.B.DC (H. Lundbeck) -- Otsuka and Lundbeck issue statement on FDA advisory committee meeting results for sNDA of Rexulti in combo with setraline for PTSD

      • ROG.SW (Roche Holding) -- FDA issues CRL for Columvi in combination with GemOx for treatment of people with relapsed or refractory diffuse large B-cell lymphoma; data do not provide sufficient evidence to support proposed second-line DLBCL indication in US patient population

      • ROG.SW (Roche Holding) -- Roche announces pivotal phase IIb ALIENTO study investigating astegolimab met its primary endpoint

      • MRK.GR (Merck KGaA) -- European Commission grants conditional approval to EZMEKLY in adult and pediatric patients with NF1-PN

      • 4578.JP (Otsuka Holdings) -- FDA panel votes against the efficacy data of Rexulti in combo with setraline for PTSD

      • 524715.IN (Sun Pharmaceutical Industries) -- phase 3 clinical studies evaluating Tildrakizumab 100 mg (ILUMYA) in active psoriatic arthritis meets primary endpoint

      • IRLAB.A.SS (IRLAB Therapeutics) -- IRLAB reports results of rights issue

    • Other

      • DGE.LN (Diageo) -- interim CEO Nik Jhangiani hoping to take job on permanently - London Times

      • WPP.LN (WPP Group) -- has "lost a lot of business" to Publicis - Mail on Sunday

      • HSBA.LN (HSBC Holdings) -- HSBC having difficulty finding new chair - FT

      • LSEG.LN (London Stock Exchange Group) -- In response to growing demand from small investors, London Stock Exchange may introduce 24-hour trading - FT

      • DTG.GR (Daimler Truck Holding) -- Daimler Truck considering exit from manufacturing in China amid "crazy" global down cycle - FT, citing CEO

      • KCR.FH (Konecranes) -- Super Terminais orders three additional Konecranes Gottwald ESP.10 mobile harbor cranes to expand Amazon River operations

      • RECSI.NO (REC Silicon) -- enters $6.5M short term loan agreement with shareholder Hanwha to continue operations into first week of August

      • Estimated weekend box office revenues in US, Canada $131.1M, (12.3%) y/y - Box Office Mojo

  • Key rating changes

    • Upgrades

      • ABBN.SW (ABB) -- to buy from neutral at Citi

      • ALIV.SS (Autoliv) -- to buy from hold at Pareto

      • BOL.SS (Boliden) -- to buy from hold at Berenberg

      • KBX.GR Knorr-Bremse upgraded to buy from hold at Kepler Cheuvreux

      • VIV.FP (Vivendi) -- to buy from hold at Kepler Cheuvreux

      • DOV.IM (doValue) -- to outperform from neutral at Mediobanca

      • ATCO.A.SS (Atlas Copco) -- to buy from hold at ABG Sundal Collier

      • WRT1V.FH (Wartsila) -- to hold from sell at ABG Sundal Collier

      • SCHP.SW (Schindler Holding) -- to hold from reduce at Kepler Cheuvreux

    • Downgrades

      • ALIV.SS (Autoliv) -- to hold from buy at DNB Carnegie

      • SAAB.B.SS (Saab) -- to hold from buy at Pareto

      • SHOT.SS (Scandic Hotels Group) -- to neutral from buy at UBS

      • CBK.GR (Commerzbank) -- to underperform from neutral at Autonomous Research

      • NSI.NA (NSI NV) -- to hold from buy at Kepler Cheuvreux

      • TOKMAN.FH (Tokmanni Group) -- to sell from hold at DNB Carnegie, to hold from buy at Kepler Cheuvreux, to hold from buy at SEB

      • DYVOX.SS (Dynavox Group) -- to hold from buy at Kepler Cheuvreux

      • VWS.DC (Vestas Wind Systems) -- to reduce from hold at Kepler Cheuvreux

      • TFI.FP (TF1) -- to hold from buy at Kepler Cheuvreux

      • EDPR.PL (EDP Renovaveis) -- to neutral from buy at JB Capital Markets

  • Data

    • Nikkei +0.00% to 39819.11 (Japan closed for Marine Day holiday)

    • Hang Seng +0.37% to 24917.67

    • Shanghai Composite +0.66% to 3557.67

    • S&P futures +7.8 vs prior close of 6334.8

    • €-$ +0.0006 or +0.05% to 1.1636

    • $-¥ +0.32 or +0.22% to 148.30

    • €-¥ +0.40 or +0.23% to 172.52

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