Hawkish turn by Fed spooks equity investors

Recap: Global shares faced selloffs sparked by mounting fear of inflation as the US Federal Reserve telegraphed a gradual end to ultra-loose monetary policy. The MSCI World Equity Index dipped 0.13% to 713.97 points on Friday after hitting a record high of 722.32 on Tuesday. European banks and energy slid while Tokyo stocks fell as the yen appreciated against the dollar.