Asian stocks swung between gains and losses, after the biggest rally in a month for the regional benchmark index yesterday, as data showed slowing U.S. factory activity and investors weighed prospects of recession in Russia. The gauge advanced 1.2 percent yesterday, the steepest rise since Feb. 21. Banks warned Russia’s economy is at risk of shrinking as the world’s leading industrial powers threaten further sanctions to deter it from invading other parts of Ukraine after the annexation of Crimea.

Nikkei 225 14,423.19 -52.11 -0.36%

S&P/ASX 200 5,336.63 -10.27 -0.19%

Shanghai Composite 2,067.31 +1.03 +0.05%

Tongda Group Holdings Ltd., a maker of casings for notebook computers, slumped 7.9 percent in Hong Kong after selling 600 million new shares.

Tingyi Holding Corp., a maker of instant noodles and beverages, rose 2.7 percent in Hong Kong after UBS AG upgraded the stock.

Sekisui House Ltd. dropped 1 percent after saying it found defects in a Tokyo residential complex being built by Taisei Corp.