Stocks fell across Taiwan and the US after the US–Iran ceasefire ran out, which is bad news for investors and anyone worried about inflation.

• The ceasefire expired with no progress on reopening the Strait of Hormuz, a key oil shipping route.
• Oil stayed expensive and government bond yields hit multi-year highs, stoking inflation fears.
• All four main US indices closed lower, with the chip index down about 5%.
• Taiwan's market touched 46,000 early, then reversed and closed down over 500 points, an 800-point swing on light volume.
• Traders see the pullback as normal, with the key floor around 44,800.

Outlook: Tomorrow's futures settlement in Taiwan will test whether that support holds, and oil will stay the main driver until the Hormuz standoff eases.