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: Futures: FTSE (0.48%), DAX (0.67%), CAC40 (0.57%)

Jan 20 ,2026

  • Synopsis

    • European equity markets are set to open lower, following Monday's selloff amid geopolitical tensions. Stoxx 600 ended down more than 1% after recording fifth week of gains last week. Asian equity markets mostly lower. Nikkei under pressure with JGBs selling off again on fiscal spending plans. Hang Seng a bit higher, but mainland China down. ASX and Kospi also lower.

    • Attention on renewed ramp in trade tensions after President Trump threatened tariffs on EU amid standoff over Greenland. Speaking to NBC News Trump vowed to proceed with tariffs and made no comment when asked whether he would order military invasion of Greenland. Press discussions have featured potential EU retaliatory actions including use of anti-coercion instrument though there is also talk by European government officials about preventing further escalation. Trump's latest salvo has revived talk about "sell America trade".

    • Also in Europe, Eurozone finance ministers picked Croatia's Vujcic for ECB vice president role to replace Spain's de Guindos. Will face European Parliament before EU leaders have final say. French PM Lecornu confirmed late Monday will force through 2026 state budget without a parliamentary vote.

    • Overseas, political and fiscal uncertainties have weighed on Japan equity market sentiment amid ongoing weakness in bonds and yen. 40Y JGB yield hitting record high. 20Y auction saw weaker demand. Selling largely a function of Japan election dynamics after PM Takaichi called snap vote for 8-Feb. Takaichi accompanied announcement with comments she is considering temporarily cutting food tax to 0% for two years, heightening concerns about implications for deficits and bond supply. Beijing's recent regulatory intervention viewed as signal of intent to take some heat out of China's tech-led rally. China left loan prime rates unchanged as expected.

    • On today's agenda, Chancellor Merz will visit the Green Week (through Sun). A joint press statement with minister of agriculture Rainer is planned afterward. ECOFIN meeting - Cyprus presidency will present its work program for the first semester of the year in the field of economic and financial affairs. ECB's de Guindos among the participants. Oxford Economics webinar at 15:00GMT Global outlook for corporates: pressure-testing 2026 macro assumptions.

    • In central banks, Bundesbank's Theurer panellist at 19:30CET at event hosted by Börsen-Zeitung title: 'Future Europe: Security, Sovereignty and the Euro - Is Europe Ready to Go All In?'. UK parliamentary committee topics include BOE Financial Stability Reports (regular evidence sessions, BOE's Bailey, Ramsden, Oakes, Hall) at 9:45GMT.

    • European macro data releases include Germany Jan ZEW survey, Dec PPI, UK Dec claimant count change, Nov unemployment rate, Spain Nov trade balance, Switzerland Dec PPI, Portugal Dec PPI.

    • In corporate news, Renault (RNO.FP) reported FY25 worldwide car sales of ~2.34M, +3.2% y/y, whilst Virbac (VIRP.FP) issued preliminary Q4 revenue numbers. In Nordics, Gigante Salmon (GIGA.NO) and TF Bank (TFBANK.SS) released Q4/FY earnings reports. In M&A, Wendel (MF.FP) confirmed it's in non-exclusive discussions with Henkel (HEN.GR) regarding potential transaction involving Stahl. Elsewhere, following a series of posts on X, Forbes reported that Elon Musk has inquired about buying Irish airline Ryanair (RYA.ID).

  • Politics/Macro/World News

    • Trump threatens 200% tariff on French wines as Macron reportedly snubs 'Board of Peace' seat - CNBC

    • Danish troops land in Greenland as tensions rise - FT

    • Trump to hold Greenland meeting at Davos after 'very good' call with Rutte - FT

    • UK ministers launch consultation on whether to ban social media for under-16s - The Guardian

    • Britain 'at risk of recession' from £22bn Trump tariff blow - The Telegraph

    • UK and China Set Up Forum on Cyberattacks to Lower Tensions - Bloomberg

  • Top company news

    • Earnings/updates

      • DACHs

        • BKW.SW (BKW AG) -- guides FY EBIT CHF650-670M ex-items vs prior guidance CHF650-750M and FactSet CHF687.3M [2 est, CHF649.0-725.6M]

        • ECX.GR (Epigenomics) -- reports preliminary FY net loss (€0.3M) vs prior guidance (€0.1M)-(€0.5M) and year-ago (€3.4M)

        • DOCM.SW (DocMorris) -- reports preliminary Q4 external revenue CHF331.4M vs FactSet CHF304.5M [3 est, CHF303.6-305M]; specifies EBITDA guide to a range of (CHF48M) - (CHF52M)

        • HYQ.GR (Hypoport SE) -- reports FY total mortgage finance transaction volume on Europace €74.8B vs year-ago €66.11B

        • KOMN.SW (Komax Holding) -- reports FY revenue ~ CHF580M, in line with prior guidance vs FactSet CHF573.5M [5 est, CHF555.3-584.6M]

        • FLU.AV (Flughafen Wien) -- reports Dec Group total passenger traffic +9.3% to 3.3M

      • France

        • RNO.FP (Renault) -- reports FY25 worldwide car sales ~2.34M, +3.2% y/y

        • VIRP.FP (Virbac) -- reports preliminary Q4 revenue €362M vs FactSet €373.6M [1 est]

      • Nordics

        • GIGA.NO (Gigante Salmon) -- reports Q4 net income NOK6.6M vs FactSet (NOK5M) [2 est, (NOK9)-(1M)]

        • RROS.SS (Rottneros) -- reports preliminary Q4 EBITDA (SEK180M) vs year-ago SEK10M

        • TFBANK.SS (TF Bank) -- reports FY adj EPS SEK9.95 vs FactSet SEK9.85 [3 est, SEK9.78-9.94]; keeps divi unchanged

      • Also due to report today includes:

        • Trading Update:

          • DACHs: Porsche (P911.GR)

          • UK: Rio Tinto (RIO.LN), Wise (WISE.LN), QinetiQ Group (QQ.LN), Cranswick (CWK.LN), Kier Group (KIE.LN), Gear4music (Holdings) (G4M.LN), Staffline Group (STAF.LN)

          • Other: Cairn Homes (C5H.ID)

        • Traffic: VINCI airports (DG.FP)

        • CMD/Events: IDEX Biometrics (IDEX.NO) EGM

    • M&A

      • HEN.GR (Henkel) -- confirms discussions regarding a potential acquisition of Stahl Holdings B.V

      • FGR.FP (Eiffage) -- has acquired 70% of Socotis for an undisclosed sum

      • MF.FP (Wendel) -- confirms non-exclusive discussions with Henkel regarding potential transaction involving Stahl

      • FBU.NZ (Fletcher Building) -- to sell Construction Division to VINCI Construction for NZ$315.6M

      • +VIIV (Viiv Healthcare) -- Shionogi & Co. invest $2.13B (¥334.79B) to acquire additional 11.7% stake in ViiV Healthcare

      • RYA.ID (Ryanair) -- Elon Musk floats idea to buy Ryanair again -- Forbes (post-close 19-Jan)

    • Healthcare

      • VLA.FP (Valneva) -- to voluntarily withdraw BLA and IND application for its chikungunya vaccine, IXCHIQ, in the United States, following suspension of the license by the FDA in Aug-25

    • Other

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- Italy's Treasury in favour of reappointing Luigi Lovaglio as Monte dei Paschi CEO - Reuters

      • ARCAD.NA (ARCADIS) -- completes €175M share buy back program launched in Oct 2025

  • Key rating changes

    • Upgrades

      • IHG.LN (InterContinental Hotels Group) -- to buy from hold at Berenberg

      • ALC.SW (Alcon AG) -- to buy from hold at Deutsche Bank

      • IFCN.SW (Inficon Holding) -- to buy from hold at Deutsche Bank

      • SZG.GR (Salzgitter) -- to outperform from underperform at Oddo

      • CIBUS.SS (Cibus Nordic Real Estate) -- to buy from hold at ABG Sundal Collier

      • FDR.SM (Fluidra) -- to outperform from neutral at BNP Paribas Exane

    • Downgrades

      • SKF.B.SS (SKF) -- to sell from buy at Goldman Sachs

      • SAB.SM (Banco de Sabadell) -- to underweight from equal weight at Barclays

      • DOU.GR (Douglas) -- to neutral from buy at Goldman Sachs

      • ANE.SM (Corporación Acciona Energías Renovables) -- to underperform from outperform at RBC Capital Markets

      • WTB.LN (Whitbread) -- to hold from buy at Berenberg

      • BEZ.LN (Beazley) -- to neutral from outperform at Autonomous Research

      • KLARA.B.SS (KlaraBo) -- to hold from buy at ABG Sundal Collier

      • SOLB.BB (Solvay) -- to underperform from neutral at BNP Paribas Exane

    • Initiations

      • SAP.GR (SAP) -- hold at HSBC

    • Others

      • URW.FP (Unibail-Rodamco-Westfield) -- reinstated outperform at Bernstein

      • GNC.LN (Greencore Group) -- resumed buy at Deutsche Numis; prior rating was buy

  • Data

    • Nikkei (1.11%) to 52991.10

    • Hang Seng (0.28%) to 26489.45

    • Shanghai Composite (0.27%) to 4102.94

    • S&P futures (93.0) vs prior close of 6976.8

    • €-$ +0.0020 or +0.17% to 1.1666

    • $-¥ +0.32 or +0.21% to 158.46

    • €-¥ +0.69 or +0.37% to 184.84

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