Taiwan shares fell more than 400 points at the open, with heavyweight stocks weakening across the board — bad news for investors in the local market.

• Heavyweights including TSMC, MediaTek, Hon Hai and Delta Electronics all declined, with the index struggling to hold the 49,000 level.
• The two panel majors, AUO and Innolux, were heavily sold for a second straight session, with foreign investors trimming more than 370,000 lots of AUO over the past three days.
• U.S. government bond yields climbed to a 24-year high and oil prices remained elevated, pushing up borrowing costs and inflationary pressure at the same time and dragging all four major U.S. indexes into the red.
• Minutes of the Federal Reserve's September meeting showed most officials expect at least one more rate hike this year, but are in no hurry to act in October; the market is betting on December.
• Thermal-solutions maker Auras Technology and its subsidiary Fositek had their Xinzhuang plant searched by the Investigation Bureau. The company said it is cooperating with the investigation.

Outlook: Until the pressure from U.S. Treasury yields and oil prices eases, Taiwan shares will likely keep swinging back and forth in their attempt at the 50,000 mark, with Largan Precision's investor conference the next key event to watch.