Chinese and Hong Kong markets fell Thursday as investors assessed the first in-person meeting between U.S. President Donald Trump and Chinese President Xi Jinping since Trump began his second term.

Mainland China's CSI 300 slipped 0.5%, while Hong Kong's Hang Seng index fell 0.76%, reversing earlier gains after the meeting concluded.

Trump said he had reached a one-year agreement with China on rare earths and other critical minerals, and that Washington will cut fentanyl-related tariffs on Beijing to 10% after their meeting in South Korea.

Other Asia-Pacific markets were mixed on Thursday, after U.S. Federal Reserve Chair Jerome Powell indicated that a rate cut in December was far from a "foregone conclusion."

The Fed on Wednesday slashed the benchmark federal funds rate by

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