Asia markets largely rise after Wall Street rebounds on Friday

State-owned banks listed in China saw sharp rises on Monday after more Chinese banks cut deposit interest rates as lenders battled shrinking margins.

Hong Kong listed shares of China Bohai Bank rose nearly 3% and China Zheshang Bank gained 6.9% as the mid-sized lenders reduced their rates by between 10 basis points and 30 basis points.

The move would help boost banks’ margins and support increasing spending and credit demand, in line with the government’s goals for the economy.

Mainland-listed shares of ICBC, China Citic, Bank of China as well as Agricultural Bank of China and Bank of Communications also rose similarly.

Energy stocks in China also saw a boost on recovered oil prices ending the week higher. EV-related stocks saw sharp gains after the Chinese State Council voiced support on building charging stations in China.

The Shanghai Composite led gains in the region and gained 1.81%, hovering at the highest level it’s seen in 10 months. The Shenzhen Component was up 0.4%.

— Jihye Lee

It will be a good chance to get in on copper should prices fall below a certain mark, said Citi’s Global Head of Commodities Research Ed Morse.

“We think that copper will be a buying opportunity if it falls below $8,500,” said Morse, adding that he expects the metal to be priced out in the next year or two at $10,000 per ton and above.

“That’s largely because it’s such a critical metal for batteries,” he said, citing other pivotal uses in the EV industry.

Three-month copper futures on the London Metal Exchange traded at $8,486.85 per ton on Monday morning in Asia.

Supply worries are also on the horizon, Morse continued, in reference to mining countries in South America such as Chile becoming “a lot more nationalistic.”

—Lee Ying Shan

Morgan Stanley strategist Joon Seok has made a bullish call on the South Korean market, putting a target of 2,750 on the Kospi in 2023, just over 9% from its current level of 2,520.29.

Speaking to CNBC’s “Squawk on the Road” in South Korea, Joon explains that there are three elements that investors have to look at: monetary policy, corporate earnings and the country’s capital reform initiative.

For monetary policy, the main question to ask would be when will rate cuts come, he said, given that the Bank of Korea was one of the first banks in Asia to pause its rate hikes.

As for corporate earnings, he says that in a multipolar world, Korean companies will have “more opportunities and risks,” noting that the firm is bullish on the tech materials and materials sector.

“We see that Korean tech as one of the big beneficiaries,” he told CNBC.

Joon added that South Korean companies have “preemptively adjusted” to potential problems ahead in the global supply chain, adding that they also “have a lot of intellectual property that actually helps us out.”

— Lim Hui Jie

Shares of Singapore’s DBS Group Holdings climbed as much as 0.94%, even after regulators raised the bank’s capital requirements.

On Friday, DBS suffered a widespread disruption to its digital banking and ATM services, the second such disruption in less than two months.

The Monetary Authority of Singapore said DBS’ additional capital requirement is now a multiplier of 1.8 times to its risk weighted assets for operational risk — approximately 1.6 billion Singaporean dollars ($1.21 billion) in total additional regulatory capital.

In February 2022, MAS applied a multiplier of 1.5 times for another disruption in November 2021.

Japan’s service sector has expanded at a record pace in April, a private survey showed.

The au Jibun Bank Japan services purchasing managers’ index was at 55.4, higher than March’s figure of 54.9 and marking its fifth straight month in expansion territory.

A reading above 50 indicates…