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Asia shares eased on Wednesday on the back of weakness in China, as investors brace for a tightly contested U.S. election that could have huge ramifications for the world's second-largest economy, even as Beijing tries to shore up growth.

Gold rose to an all-time high as jitters over the close U.S. presidential race supported the yellow metal, while bitcoin also flirted with a record peak as markets weigh the prospect of a victory by Republican candidate Donald Trump.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.22% in early trade, tracking a decline in Chinese assets.

The CSI300 blue-chip index fell 0.16%, while Hong Kong's Hang Seng Index slid 0.64%.

The moves came even as Reuters reported on Tuesday that China is considering approving next week the issuance of more than 10 trillion yuan ($1.4 trillion) in extra debt in the next few years to revive its fragile economy.

"China's latest stimulus package appears underwhelming, with 60% allocated to local government debt relief," said Saxo's chief investment strategist Charu Chanana.

"While there's a stronger focus on supporting the property sector, urgency around broader structural issues - such as debt, deflation, and demographics - remains limited.

"Equity support could offer some lift to domestic confidence, but foreign investors are still highly concerned about potential tariff threats if next week's U.S. elections result in a Republican sweep."

China's new energy vehicles index ticked up 0.2%, largely unfazed by news that the European Union has decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3%.

Meanwhile, U.S. stock futures ticked higher, buoyed by a solid result from Google-parent Alphabet, which reported quarterly revenue that beat estimates.

Nasdaq futures gained 0.42%, while S&P 500 futures rose 0.36%.

Meta Platforms and Microsoft report their earnings later in the day, followed by Apple and Amazon.com on Thursday. [.N]

Investors will be closely watching the results to determine whether Wall Street can sustain the optimism around technology and artificial intelligence that has lifted indexes to record highs this year.

Elsewhere, Japan's Nikkei rose nearly 1%, riding on the momentum of a weaker yen. [.T]

U.S. FOCUS

Bitcoin stood just a whisker away from its peak of $73,803.25 and last bought $72,322.08, on track to gain 13% for the month.

The world's largest cryptocurrency has been bolstered by the growing possibility of Trump's return to the White House, as he is seen taking a more favourable stance towards digital assets.

"Bitcoin's strength should persist if the odds for a Republican sweep continue to grow, as a less likely Democratic sweep might meet a generalised sell-off," said Manuel Villegas, digital assets analyst at Julius Baer.

On the economic front, investors were also bracing for a slew of U.S. data this week that could guide the outlook for Fed policy.

The ADP National Employment Report is due later in the day alongside advance third quarter GDP estimates, which will come ahead of Friday's nonfarm payrolls figures.

Data on Tuesday showed U.S. job openings dropped to more than a 3-1/2-year low in September, though that was countered by a separate survey which showed consumer confidence increased to a nine-month high in October amid improved perceptions of the labour market.

"The U.S. data is still important for this week, there's no doubt about it," said Khoon Goh, head of Asia research at ANZ.

"We saw the JOLTS data out last night, it showed continued moderation of the labour market ... Today we have ADP, Q3 GDP, PCE deflator tomorrow and then payrolls Friday. So that will still be really important, particularly for the long-end yields and the impact on the dollar."

The dollar strayed not too far from a three-month high against a basket of currencies on Wednesday, though a stall in its recent rally gave sterling some respite above the $1.30 level.

The yen languished near a three-month low as it continued to feel the pressure from the loss of a parliamentary majority for Japan's ruling coalition in weekend elections.

The Aussie was little changed in the wake of domestic inflation data and last rose 0.15% to $0.6570.

In commodities, Brent crude futures ticked up 0.42% to $71.42 a barrel, while U.S. West Texas Intermediate crude futures rose 0.45% to $67.51 per barrel. [O/R]

Spot gold was last 0.18% higher at $2,779.81 an ounce, after having peaked at $2,781.69 earlier in the session. [GOL/]