Taiwan's benchmark index opened lower and lost the 48,000-point level, bad news for investors chasing short-term gains, though most market analysts remain bullish on the outlook.

• The index opened down more than 150 points, temporarily falling below 48,000, with heavyweights mixed and TSMC bucking the trend to trade higher.
• Memory stocks weakened across the board, with Nanya Technology, Winbond and Phison all falling as the market held back from adding positions ahead of Micron's earnings.
• With the US-Iran ceasefire and the stalled Strait of Hormuz negotiations, oil prices rose and the US 10-year Treasury yield surged to its highest level since 2007, sending all four major US indices lower.
• Asian markets fell in tandem, with South Korean stocks tumbling more than 2%, the biggest source of pressure on Taiwan's open.
• The Financial Supervisory Commission is set to roll out a cross-checking mechanism for credit exposure between brokerages and banks at the end of October, and the market is concerned that deleveraging could trigger a sharp sell-off like the one seen in South Korea.

Outlook: Short-term volatility is hard to avoid, and market attention is turning to Micron's earnings, US PCE inflation data and the non-farm payrolls report, which will determine the Federal Reserve's next move.