Asian stocks swung between gains and losses, with the regional benchmark index set for its biggest weekly drop since August, as improving U.S. economic data fueled speculation the Federal Reserve may bring forward stimulus cuts.

Nikkei 225 15,299.86 +122.37 +0.81%

Hang Seng 23,743.1 +30.53 +0.13%

S&P/ASX 200 5,186.02 -11.94 -0.23%

Shanghai Composite 2,237.11 -9.95 -0.44%

Qantas Airways Ltd. sank 3.7 percent, adding to yesterday’s 11 percent drop, after Standard & Poor’s cut its credit rating on Australia’s largest carrier to junk status.

Nufarm Ltd. slid 1.6 percent in Sydney after Credit Suisse Group AG cut its rating on the supplier of farm chemicals.

Advantest Corp. jumped 6.1 percent on a newspaper report that cost cuts by the Japanese maker of semiconductor equipment reduced its break-even point.