Asian stocks swung between gains and losses after a private survey showed China’s manufacturing may contract at a slower pace this month and Moody’s Investors Service cut the credit outlook for Germany.

Nikkei 225 8,488.09 -20.23 -0.24%

S&P/ASX 200 4,133.23 +4.29 +0.10%

Shanghai Composite 2,146.59 +5.19 +0.24%

China Railway Construction Corp. Ltd., builder of more than half of the nation’s rail links since 1949, gained 1.8 percent in Hong Kong after signing 20 billion yuan ($3.1 billion) in new contracts.

Nintendo Co., a maker of video-game players that depends on Europe for 34 percent of its sales, dropped 2.1 percent.

SK Telecom Co., the biggest South Korean wireless operator, rose 6 percent in Seoul, after the company’s decision to eliminate some handset subsidies prompted speculation profit will increase.