While Asian stock market indices traded in a mixed pattern on 5 May, China's Shanghai Composite Index closed higher by 0.22% at 2,997.84. This was despite a slowdown in the services sector of the world's second largest economy, in the month of April.

China Caixin services purchasing mangers' index (PMI), an economic indicator tracking the services industry in the country, came in at 51.8 for the month of April. While a reading above 50 is considered growth, investors were concerned that it was less than the 52.2 reading that came in March.

Andrew Sullivan, managing director at brokerage Haitong International in Hong Kong, said, "It will be a concern that despite a large injection of liquidity [by Chinese authorities], the service sector isn't booming."

Another concern for investors seemed to be the strengthening of the US dollar. "The backdrop for the market is dicey with the trajectory of the US dollar likely a key driver of sentiment. More often than not, US dollar strength is associated with risk aversion and/or rate hike expectations, neither of which appears to be positive for risky assets", DBS said.

Indices in the rest of Asia traded as follows on 5 May at 5.59am GMT:

Hong KongHang Seng Index20,455.26Down0.34%
JapanNikkei 225 (Holiday- Children's Day)
South KoreaKOSPI (Holiday - Children's Day)
IndiaCNX Nifty7,732.25Up0.33%
AustraliaS&P/ASX 2005,271.70Up0.01%

Meanwhile, overnight (4 May), the Dow Jones Industrial Average closed at 17,651.26, down 0.56%, while the FTSE 100 closed at 6,112.02, down 1.19%.

Among commodities, oil prices saw an uptick following a slowdown in oil production in Canada and Libya. While a huge wildfire in Canada affected its oil output, in the North African nation, the reduction was a result of escalating fights. On 5 May, WTI crude oil was trading 1.85% higher at $44.59 (£30.70, €38.82) a barrel, while Brent was 1.43% higher at $45.26 a barrel at 6.14am GMT.