Asia-Pacific markets were set for a mixed open 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 25 basis points, as expected, to bring it to 3.75%-4%.

In Asia, investors will closely watch a meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping -- the first in-person meeting between the two leaders in Trump's second term.

South Korea's markets will also be in focus after Seoul's chief policy advisor Kim Yong-beom reportedly released details of the trade deal with Washington.

South Korea will invest $200 billion in the U.S., with an annual cap of $20 billion a year, while the remaining $150 billion of its $350 billion total pledge announced earlier this year will be used for shipbuilding cooperation, according to local media reports.