Control of the Strait of Hormuz intensifies; a Singapore-registered cargo ship sinks, weighing on US and Asian stock markets.

According to CNBC, tensions between Iran and the U.S. over control of the Strait of Hormuz continue to escalate. Ali Ozmaei, head of Iran's Islamic Revolutionary Guard Corps (IRGC), said Iran is waiting for an opportunity to attack U.S. warships, and threatened that if the U.S. believes the strait is open, it can approach further. U.S. Central Command (CENTCOM) responded that U.S. military forces and regional partners remain firmly in control of the key waterway. Shipping security risks have risen in tandem. A Singapore-flagged container ship, the GFS Pride, sank after being attacked in the Strait of Hormuz; all crew members were evacuated with no injuries. Another Singapore-flagged vessel, the GFS Giselle, was also attacked, sustained hull damage, and later reached a safe anchorage. Singapore's Maritime and Port Authority (MPA) condemned the attacks as unprovoked, unjustified, and in violation of international law. On the macro front, U.S. September CPI rose 3.7% year-over-year, above the market consensus estimate of 3.6%; core CPI rose 2.6% year-over-year, also exceeding expectations. Energy prices rose 5.2% month-over-month, continuing to fuel inflationary pressures. Affected by the inflation data, the S&P 500 fell 1.11%, the Nasdaq Composite dropped 1.88%, and South Korea's Kospi index plunged 7.26%. Analysts note that Trump's temporary relaxation of restrictions on Russian diesel exports may have limited impact on easing energy inflation. Separately, Elon Musk said the military-grade Starshield system is owned and controlled by the U.S. government, with usage limits for Ukraine determined by the U.S. military and ultimately approved by the U.S. president. Meanwhile, TSMC's third-quarter net profit rose 68.7% year-over-year, marking a sixth consecutive quarter of record results, reflecting sustained strong demand for AI chips.