Sydney — Asian shares turned mixed on Wednesday as investors everywhere awaited clarity on the Federal Reserve’s future path for US policy after an expected rate increase later in the day. Economic data out of China showed retail sales and industrial output topped forecasts in May, but a miss in urban investment reinforced views the world’s second-largest economy will soon start to lose some momentum as lending costs rise and the property market cools. The market reaction was tepid with Shanghai stocks easing 0.5% and South Korea off 0.2%. Moves elsewhere were also cautious with MSCI’s broadest index of Asia-Pacific shares outside Japan up a fraction and Japan’s Nikkei ahead by 0.1%. Wall Street had been in a more confident mood overnight notching record closing peaks for all the major indices. The Dow rose 0.44%, while the S&P 500 gained 0.45% and the Nasdaq 0.73%. The S&P 500 technology sector rebounded 0.9%, following its biggest two-day decline in almost a year. Big tech names, ...
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