Shares have advanced in Asia after Wall Street resumed its upward climb as an update on inflation appeared to clear the way for more help for the economy from the Federal Reserve.

European shares lost ground on Wednesday, mirroring a drop in Asian stock markets, as investors cautiously awaited U.S. inflation data that is expected to put the Federal Reserve on course to cut rates again,

Asian stocks were mixed on Wednesday after U.S. indexes drifted lower on Tuesday ahead of an update on U.S. consumer inflation due later in the day. U.S. futures were little changed and oil prices rose.

Gold futures were rising 0.3% to $2,725.60 a troy ounce ahead of the release of key U.S. economic data. Investors are positioning themselves ahead of Wednesday's release of Consumer Price Index data,