Taiwan's market opened sharply higher and reclaimed the 48,000 level, good news for local investors after a heavy sell-off the day before.

• The index rose more than 500 points at its peak, with TSMC, Foxconn, Delta and MediaTek all higher.
• US stocks slipped overnight, but the Philadelphia semiconductor index jumped, pulling Taiwan's chip supply chain up with it.
• Long-term government bond yields in the US hit their highest level in 24 years, keeping pressure on stocks worldwide.
• Bets on a Fed rate hike in October cooled after New York Fed chief John Williams said there is still time to study the data.
• Oil fell as Middle East exports showed signs of recovering, easing some inflation worries.

Outlook: Inflation data and Friday's US jobs report will decide whether the rebound holds or rising bond yields drag markets back down.