Asian stocks swung between gains and losses after Standard & Poor’s downgraded Spain’s credit rating and as Japanese machinery makers declined after a report showed orders fell. Utility companies advanced. Companies that do business in Europe dropped after S&P downgraded Spain’s debt rating to one level above junk, citing mounting economic and political risks as the government considers a second bailout.

Nikkei 225 8,546.78 -49.45 -0.58%

S&P/ASX 200 4,483.5 -7.24 -0.16%

Shanghai Composite 2,107.63 -12.31 -0.58%

Esprit Holdings Ltd., a Hong Kong-based clothier that counts Europe as its biggest market, dropped 1.2 percent in Hong Kong.

Fanuc Corp., the world’s largest maker of controls that run machine tools, slipped 2.4 percent in Tokyo.

Lynas Corp. slumped 15 percent in Sydney after a court ruling further delayed the development of its rare-earth refinery in Malaysia.