Asia-Pacific markets traded mixed Wednesday as investors assessed rising global bond yields and the latest developments on the trade front.

Chinese markets were in focus following President Xi Jinping's speech at a military parade to commemorate the 80th anniversary of the end of World War II . The event was graced by 26 world leaders, including Russian President Vladimir Putin and North Korea's leader Kim Jong Un.

Hong Kong's Hang Seng index fell 0.6% to close 25,343.43, while mainland China's CSI 300 declined by 0.68% to close at 4,459.83.

RatingDog's China General Services purchasing managers' index — which captures the country's services activity — hit a 15-month high thanks to stronger domestic demand and a rebound in foreign orders.

The index , which is compiled by S&P

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