(fxcue news) - Asian stocks ended mixed on Thursday even as fresh signs of a weakening U.S. economy revived hopes of interest rate cuts sooner rather than later. The dollar was on the back foot ahead of elections in the U.K. and France, and before the release of key U.S. nonfarm payrolls report, due Friday. Federal Reserve officials at their last meeting indicated that inflation is moving in the right direction but not quickly enough to decide on interest-rate cuts, according to minutes of the June 11-12 policy meeting released Wednesday. Gold was little changed in Asian trade while oil prices fell on worries about demand against the backdrop of slowing U.S. growth. China's Shanghai Composite index fell 0.83 percent to 2,957.57 as property stocks plummeted ahead of next week's Chinese political meeting. Hong Kong's Hang Seng index edged up 0.28 percent to 18,028.28. Japanese markets hit a new record high as a weaker yen boosted automakers and other export-related stocks. The Nikkei average jumped 0.82 percent to 40,913.65 while the broader Topix index settled 0.92 percent higher at 2,898.47. Automakers Honda Motor, Toyota and Nissan surged 2-4 percent. In the tech space, Advantest added 2.1 percent, Screen Holdings rose 1.3 percent and heavyweight SoftBank soared 4.5 percent. Seoul stocks posted strong gains to hit their highest level in more than 29 months as chipmaker Samsung Electronics soared ahead of its second-quarter earnings. The Kospi average climbed 1.11 percent to 2,824.94, reaching its highest level since Jan 21, 2022. Shares of Samsung Electronics rallied 3.4 percent before its preliminary earnings announcement for the second quarter. Australian markets advanced, with miners, banks and energy stocks pacing the gainers. The benchmark S&P/ASX 200 rose 1.19 percent to 7,831.80 while the broader All Ordinaries index closed up 1.17 percent at 8,079.20. Across the Tasman, New Zealand's benchmark S&P/NZX 50 index ended down 0.38 percent at 11,746.66 after a choppy session. U.S. markets will be closed today for the Independence Day holiday. Overnight, U.S. stocks rose broadly as weak economic data cemented hopes for an interest-rate cut in September. Treasury yields fell and the dollar slumped as data showed initial jobless claims rose last week, the U.S. services sector contracted in June at the fastest pace in four years and private-sector job creation slowed for a third straight month, with pay gains for both job stayers and job changers slowing. The tech-heavy Nasdaq Composite surged 0.9 percent and the S&P 500 gained half a percent to hit new record closing highs in an abbreviated trading session while the Dow ended flat with a negative bias.