ISTANBUL 

Asian stock markets were in a mostly negative trend Thursday as investors evaluated US President Donald Trump's first face-to-face meeting with Chinese President Xi Jinping in six years.

In China, the Shenzen index fell 1.16%, Shanghai index was down 0.73% and Hong Kong’s Hang Seng index fell 0.24%, reversing earlier gains after the meeting concluded.

Following his meeting with Xi in South Korea, Trump announced Washington will reduce fentanyl-related tariffs on Beijing to 10% and that he had negotiated a one-year agreement with China on rare earths and other vital minerals.

"I guess on the scale from zero to 10, with 10 being the best, I would say the meeting was a 12," Trump told reporters on Air Force One after departing South Korea. "A lot of decisions were made there wasn't too much left out there."

Other Asian stock markets were mixed on Thursday, after US Federal Reserve Chair Jerome Powell raised doubts about a rate cut in December, saying it is not a “foregone conclusion.”

The Fed on Wednesday cut the policy rate by 25 basis points, as expected, to the range of 3.75%-4%.

Markets in South Korea will also be watched closely after Kim Yong-beom, Seoul's main policy advisor, is said to have made the trade agreement with Washington public.

Reports suggested South Korea will invest $200 billion in the US, with a $20 billion yearly ceiling, and use the remaining $150 billion of its $350 billion pledge, which was made earlier this year, for shipbuilding cooperation.

South Korea's Kospi index gained 0.14%, driven by gains auto and shipbuilding stocks.

Japan’s Nikkei 225 ticked up 0.04% as the Bank of Japan decided to keep the policy rate at 0.5% in its first meeting since Sanae Takaichi became the prime minister earlier this month.