Hong Kong stocks closed lower Friday as investors focused on talks between U.S. President Donald Trump and Chinese President Xi Jinping.

The Hang Seng Index fell 251.04 points, or 1%, to close at 24,510.09, while the Hang Seng China Enterprises Index lost 100.23 points, or 1.2%, to finish at 8,165.78.

Xi is in Washington for talks with Trump, although there has been limited evidence of breakthroughs on contentious issues including artificial intelligence, trade, Taiwan and the war with Iran.

Fed funds futures were pricing in a 73% chance of another rate hike next month, up from about 53% earlier this week, with markets implying more than 90 basis points of tightening over the current cycle.

In corporate news, COFCO Joycome Foods (HKG:1610) slipped 4% after announcing plans to merge with its wholly owned subsidiary, Zhuo Mao, with the company to continue as the surviving entity.