Investors are sweating bullets as shares dip from record highs, all eyes glued on the upcoming US inflation data. Here's the lowdown:

• Market Reaction: Global shares are mostly lower, signaling anxiety ahead of inflation updates.
• Fed Doves on Alert: Inflation updates are set to test the resolve of the Federal Reserve's more lenient members.
• Sector Impacts: Major banks like Barclays and Lloyds are feeling the heat from potential tax hikes.
• World Shares: A broader decline in shares reflects mounting investor caution.

Here's the full scoop.