Asian stocks swung between gains and losses as Chinese manufacturing data added to signs of recovery while U.S. lawmakers continue to debate over a budget compromise to avert a so-called fiscal cliff.

Nikkei 225 9,458.18 +12.17 +0.13%

S&P/ASX 200 4,531.51 +25.47 +0.57%

Shanghai Composite 1,959.77 -20.35 -1.03%

Metallurgical Corp. of China, an engineering contractor and equipment manufacturer, climbed 4.4 percent in Hong Kong.

Shimizu Corp., a construction company, advanced 4 percent in Tokyo on speculation a deadly highway-tunnel collapse will reduce opposition to more public works spending.

Li & Fung Ltd., a supplier of toys and clothing to retailers including Wal-Mart Stores Inc., slipped 3 percent.