ASIAN SHARES MIXED DESPITE HOPES FOR FED RATE CUT

SYDNEY, July 4 (Bernama-dpa-AFX) -- Asian stocks ended mixed on Thursday even as fresh signs of a weakening US economy revived hopes of interest rate cuts sooner rather than later, reported dpa-AFX news. 

The dollar remained weak ahead of upcoming elections in the UK and France and the release of the key US nonfarm payrolls report on 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 US growth.

China's Shanghai Composite index fell 0.83 per cent 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 per cent 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 per cent to 40,913.65 while the broader Topix index settled 0.92 per cent higher at 2,898.47. 

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 per cent to 2,824.94, reaching its highest level since Jan 21, 2022. 

Australian markets advanced, with miners, banks and energy stocks pacing the gainers. The benchmark S&P/ASX 200 rose 1.19 per cent to 7,831.80 while the broader All Ordinaries index closed up 1.17 per cent at 8,079.20. 

Across the Tasman, New Zealand's benchmark S&P/NZX 50 index ended down 0.38 per cent at 11,746.66 after a choppy session.

--BERNAMA-dpa-AFX