Us inflation continues to be high, market expectations for Fed interest rate increases are rising, and US debt rates soared last night, with 10-year interest rates rising to 1.865%, a two-year high, and interest-sensitive large science networks and chip stocks being sold across the board, especially recently outperforming Applied Materials Inc (Applied Materials Inc) by 8.8% and Qualcomm Inc (QCOM.US) by 5.2%. Intel Corp (INTC.US), Texas Instruments Inc (TXN.US), ultramicro semiconductors (AMD.US) and NVIDIA Corp (NVDA.US) also fell 1.6% Murray 3.9%, dragging down the Philadelphia semiconductor index down 4.4%, a recent rare decline.

Hong Kong's chip stocks were under the greatest selling pressure today by Crystal Gate Semiconductor (02878.HK), which ended four consecutive gains, giving back 5.4% to 0.87 yuan from a high of 5.4% in the past two months. Shanghai Fudan (01385.HK) gave back 3.6% to 22.8 yuan, the share price lost 10 antennas (23.08 yuan); Hua Hong Semiconductor (01347.HK) lost 20 antennas (40.84 yuan), as low as 40.35 yuan, now quoted at 40.55 yuan, down 3.9%; 00981.HK (SMIC) ended two consecutive gains, now at 19 yuan, repeatedly giving 2.4%.

In addition, Apple Inc (AAPL.US) fell 1.9 per cent to $169.8 last night. Equipment stocks such as mobile phones in Hong Kong generally fell more than 1 per cent, while blue-chip 02382.HK had the biggest selling pressure, falling 3.5 per cent to 211.8 yuan; BYD Electronic (00285.HK) fell 3 per cent to 25.45 yuan; and ZTE Corporation (00763.HK) was restricted upward to 2.4 per cent at 22.7 yuan today.

XIAOMI (01810.HK) fell 1.9% to 18.26 yuan. However, Lenovo Group Limited (00992.HK) ended two consecutive declines and its shares rallied 0.9 per cent to Rmb8.80.

Hong Kong stocks fell for the fourth day in a row, and the Hang Seng Index resumed its sell order in the afternoon after a half-day close (seen in 24286), dragging down more than 2% of Meituan (3690.HK), ENN Energy (02688.HK), Wuxi Biologics (02269.HK) and 01211.HK (BYD). It fell 151 points or 0.6% to 23961, the market low, with a turnover of 74.6 billion yuan.