Taiwan's stock market opened up more than 200 points, a relief rally for local investors after Monday's drop, even as Wall Street fell overnight.

• TSMC and MediaTek both opened higher, pushing the main index back above 47,400.
• Panel makers led the move, with AUO jumping over 6% on heavy trading and Innolux up more than 3%.
• Foreign investors have been buying Taiwan shares for three straight days, loading up on memory and panel stocks while using financials as a hedge.
• US markets closed lower overnight as the Middle East conflict pushed oil prices up and revived worries about inflation and rate hikes, with the Dow suffering its worst day in three weeks.
• Memory chipmaker Winbond is a standout, with shortages and rising chip prices expected to run into next year, and Formosa Plastics group revenue jumped over 40% from a year ago, partly thanks to higher oil prices.

Outlook: US producer and consumer price data due this week will set the tone, and any inflation surprise could quickly undo Taiwan's rebound.