Asian shares edged higher Wednesday while global inflation and recovery worries pushed gold to another new high.

Gold hit a new record while crude prices also rose to near $80 a barrel.

In Hong Kong banks jumped… as Chinese and U.S. regulators negotiated a pact aimed at encouraging Mainland institutions to buy into small and medium-sized U.S. banks.

China Mobile rose as the world No.1 by subscribers and is set to carry Dell's smart phone products in the Mainland later this month.

Japan's Nikkei came under pressure with banks lower ahead of earnings news from giant Mitsubishi UFJ.

Shares of embattled Japan Airlines tumbled to the lowest level since a re-listing in 2002, after the nation's transport minister said he had not ruled out a court-led bankruptcy.

The debt-laden JAL has fallen over 40 percent since mid-September amid measures to keep loss-making carrier operational.