Mainland stocks fell on Thursday to their lowest close in 14 months, tracking broad weakness across global markets, as technology shares led declines after stronger-than-expected US inflation data fuelled concerns that interest rates could rise further. In Hong Kong, the benchmark Hang Seng Index fell 251 points, or one percent, to 24,062 on turnover of HK$224.16 billion. The tech index dropped 113 points, or 2.7 percent, to 4,060 as shares of Alibaba slumped 3.7 percent while the China Enterprises Index was 79 points, or one percent, lower at 8,103. On the mainland, the benchmark Shanghai Composite Index ended down 59 points, or 1.59 percent, at 3,707 and was paced in its fall by a 1.6 percent decline for the blue-chip CSI300 index. The Shenzhen Component Index was 293 points, or 2.43 percent, lower at 11,816 while the ChiNext Index lost 83 points, or 2.92 percent, to finish at 2,783. "The recent pullback seems to be driven more by a concentrated unwinding of elevated tech crowding, while mutual funds also face pressure related to break-even redemptions," said Lei Meng, China equity strategist at UBS Securities. "Geopolitics, US Treasury yields and oil-price volatility have contributed to tighter dollar liquidity due to their impact on inflation expectations, weighing on market risk appetite." The dollar rose while Wall Street stocks fell after data showed US consumer prices rose more than expected last month, briefly reviving bets the Federal Reserve may raise interest rates. "The main theme overnight was a hotter-than-expected US inflation print which reignited Fed rate hike fears," analysts at Commerzbank said in a note. Meanwhile, investors are turning their attention to China's third-quarter gross domestic product data due on Monday for clues on the strength of the economic recovery following a string of upbeat data ranging from trade to credit lending. The International Monetary Fund on Thursday projected Asia's economic growth would moderate next year and warned of heightening risks from the Iran war-induced energy shock, a potential correction in the AI boom and spillovers from rising global bond yields. A harbinger of that potential correction came with a bang in East Asian markets. In Tokyo, the tech-heavy Nikkei share average tumbled 3,318 points, or 4.9 percent, to 64,425 amid reports about distressed debt at US cloud-computing provider CoreWeave while ⁠hot US inflation figures sparked fears of higher interest rates. The broader Topix fell 93 points, or 2.29 percent, to 4,003. In Seoul, the Kospi ended down 454 points, or 7.57 percent, at 5,554 for a six-month ⁠low as a heavy selloff in chipmakers triggered a circuit breaker. (With contributions from Reuters and AFP) Edited by Aaron Tam