Despite Beijing's increased efforts to support development, Asia shares fell on Wednesday due to China's weakness as investors prepare for a hotly contested U.S. election that may have significant effects on the world's second-largest economy.

Gold surged to a record high of $2,784.82 per ounce as the yellow metal was bolstered by anxiety about the tight U.S. presidential election. Additionally, as markets assess the likelihood that Republican nominee Donald Trump would win, Bitcoin came dangerously close to reaching a record high.

Following a drop in Chinese equities, MSCI's broadest index of Asia-Pacific stocks outside of Japan hit a one-month low and closed 1% lower.

The Shanghai Composite Index fell 1%, and the CSI300 blue-chip index fell 1.3%. The Hang Seng Index of Hong Kong fell 1.82%.

The actions coincided with Reuters' Tuesday report that China is thinking of authorising next week the issue of over 10 trillion yuan ($1.4 trillion) in more debt over the next years in an effort to boost its faltering economy.

News that the European Union has agreed to raise tariffs on Chinese-built electric vehicles to as high as 45.3% contributed to a 1.9% decline in China's new energy vehicles index.

Ahead of the UK budget later today, where Finance Minister Rachel Reeves is set to reveal what may be the largest tax increases in thirty years, FTSE futures fell 0.45%.

Futures for U.S. stocks increased somewhat due to Alphabet's strong quarterly revenue announcement that was above forecasts.

Later in the day, Microsoft and Meta release their profits, and on Thursday, Apple and Amazon will follow.

(Sources: investing.com reuters.com)