Asian stocks swung between gains and losses as signs of slowing global economic growth outweighed optimism Spain’s progress on deficit goals will help Europe contain its debt crisis. Asia’s regional benchmark index headed for its biggest monthly advance since June.

Nikkei 225 8,870.16 -79.71 -0.89%

S&P/ASX 200 4,387.02 +2.85 +0.06%

Shanghai Composite 2,086.17 +29.85 +1.45%

Hutchinson Whampoa Ltd., a Hong Kong-based operator ports in Europe, gained 1.2 percent as Spain proposed a fifth austerity budget that may allow it to meet deficit targets agreed to with the euro zone.

Korea Aerospace Industries Ltd. surged 15 percent after Hyundai Heavy Industries Co. made a bid for an $890 million stake in the planemaker.

Machinery-maker SMC Corp. slid 1.2 percent in Tokyo after Japan’s industrial production fell more than estimated.