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Asian stocks swung between losses and gains Thursday, as investors weighed climbing borrowing rates in Spain and political turmoil in Greece against upbeat results at Japanese carmaker Toyota.

Japan’s Nikkei 225 index rose 0.2 percent to 9,065.73 after opening lower. South Korea’s Kospi also opened lower before settling flat at 1,950.03. Hong Kong’s Hang Seng was up less than 0.1 percent at 20,341.49.

But Australia’s S&P/ASX 200 rose 0.4 percent to 4,292.40 and benchmarks in mainland China and Taiwan also rose.

“The Eurozone crisis remains in the spotlight, keeping sentiment under pressure,” strategists at Credit Agricole CIB in Hong Kong wrote in a note to clients.

World markets have been roiled this week by political instability in Europe. Greece has been left without a government since elections on Sunday, adding to growing worries that it will drop out of the euro currency union or be forced out.

The turmoil shook markets in Spain, where the interest rate that the government must pay on benchmark 10-year bonds rose to an uncomfortably high level of 6.06 percent. Rates of above 7 percent are seen as unsustainable, and forced Greece, Ireland and Portugal to ask for bailouts.

Toyota Motor Corp. rose 2.1 percent, a day after the carmaker said quarterly profit more than quadrupled and it made an upbeat forecast as it recovers from a sales plunge caused by the tsunami in Japan last year.

On Wall Street on Wednesday, the Dow closed lower for the sixth day in a row, down 0.8 percent at 12,835.06. The Standard & Poor’s 500 index fell 0.7 percent to 1,354.58 and the Nasdaq composite average Nasdaq dropped 0.4 percent to 2,934.71.

Benchmark oil for June delivery was down 6 cents at $96.75 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 20 cents to finish at $96.81 per barrel in New York on Wednesday.

In currencies, the euro rose to $1.2952 from $1.2945 late Wednesday in New York. The dollar rose to 79.73 Japanese yen from 79.68 yen.

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U.S. service companies, which employ roughly 90 percent of the work force, expanded more slowly in April. Companies saw less growth in new orders and hired at a weaker pace.

The Institute for Supply Management says its index of non-manufacturing activity dropped to 53.5 last month from 56 in March. Any reading above 50 indicates expansion.

The ISM’s survey covers all sectors outside of manufacturing. That includes retail, construction, financial services, health care, and hotels.

The slowdown in services comes as consumers have reined in their spending a bit. Consumer spending rose in March, but by much less than in the two previous months.

Americans are spending more on goods, such as cars and appliances, but are holding back when it comes to services. A government report Monday showed that spending on services was flat in March.

The ISM’s services index reached the highest point in a year in February, when it was 57.3. Consumers stepped up their spending that month at the fastest pace in seven months.

And in the first quarter, Americans increased their spending at the fastest pace in a year. But most of those gains were in January and February. And Americans spent more while saving less, a trend that economists worry isn’t sustainable guaranteed online personal loans.

The job market is improving, but incomes are barely growing. That could weigh on consumer spending in the coming months, dragging on the services sector.

Manufacturing has been the driving force behind the economic recovery. Economists would like to see services firms contribute more. On Tuesday, the ISM said that the manufacturing sector expanded at its fastest pace in 10 months. Measures of new orders, production and employment all rose. But manufacturing accounts for only about 12 percent of U.S. output.

Services firms need to step up hiring to accelerate job gains and rapidly push down the unemployment rate. The service sector includes low-paying positions in retail and restaurants. But it also has higher-paying jobs in professions such as information technology, accounting and financial services.

The government will release the April employment jobs report on Friday. Economists are predicting that employers added 163,000 jobs, and the unemployment rate will remain 8.2 percent.

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IBM posted first-quarter earnings Tuesday that beat analysts’ estimates.

The tech giant reported a profit of $3.1 billion, an increase of 7% versus last year. Revenue for the quarter was $24.7 billion, up slightly from a year ago.

Excluding certain charges, earnings per share came in at $2.78, above estimates of $2.65. The company, which is the enterprise world’s largest vendor, is one of the hottest stocks in tech and has consistently topped Wall Street profit expectations for the past few quarters.

However, shares of IBM (, Fortune 500) were down 2% in after-hours trading as sales narrowly missed analysts’ forecasts of $24.8 billion.

IBM expects the future to be brighter: It raised its full-year earnings per share estimates to "at least" $15, up from a previous forecast of $14.85.

"We delivered another excellent software performance, expanded services margins, and continued the momentum in our growth initiatives," IBM CEO Ginni Rometty in a release, citing those factors for IBM’s decision to to raise its guidance.

Rometty, formerly the company’s senior vice president for sales, marketing and strategy, succeeded CEO Sam Palmisano after he stepped down in October.

IBM has made a big push into software and services, two of the more rapidly growing and profitable areas of tech, over the past few years.

"When you look at our offerings in business analytics, cloud, and Smarter Planet, about half of the revenue is software," IBM CFO Mark Loughridge said during a conference call with analysts.

IBM’s earnings report came on a busy day for the tech sector. Intel (, Fortune 500) and Yahoo (, Fortune 500) also both released their latest financial results after the closing bell Tuesday.  

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Japanese manufacturers remain gloomy over high oil prices, the strong yen and weaker growth in Asia, according to a central bank survey that defied expectations that business confidence is improving in the world’s third-largest economy.

The Bank of Japan’s quarterly “tankan” released Monday showed the main index for big manufacturers at minus 4 for the January-March quarter, unchanged from the last quarter of 2011.

A negative reading indicates greater pessimists outnumber optimists among those surveyed.

Many analysts had forecast an improvement to minus 1, given easing concerns over the crisis in Europe and signs of a rebound in production following last year’s disasters.

Higher costs for energy will further undermine the competitiveness and profits of Japanese manufacturers at a time of uncertainty about growth in Asia.

“It’s not only high oil prices, but overall commodity prices are increasing, and those overall widely affect business conditions,” said Junko Nishioka, an economist at RBS Japan Securities.

“Even though export conditions will improve from now on, it’s difficult to anticipate that business conditions will improve very soon,” she said.

Data released last week showed weaker than expected factory production in February, with industrial output falling 1.2 percent, underscoring the fragility of the economic recovery as growth in Asia slows.

Conditions had been seen as improving thanks to a recovery from the production disruptions caused by widespread flooding in Thailand last year, on top of Japan’s earthquake, tsunami and nuclear disasters.

Given Japan’s heavy reliance on exports, much depends on conditions elsewhere in Asia.

“It’s a little too early to judge so companies are likely to show some cautiousness in their judgment,” said Masayuki Kichikawa, an economist at Bank of America-Merrill Lynch.

The tankan showed an improvement in most nonmanufacturing industries, with readings for services and telecommunications showing a positive outlook, though energy and construction indices remained in negative territory.

Japan’s exporters are struggling with the strong yen, which surged to post World-War II highs against the dollar as the U.S. central bank pursued stimulus policies that contributed to a weaker greenback. When the yen climbs, it reduces the value of exporters’ overseas profits when repatriated to Japan.

Although the yen has fallen slightly after monetary easing by the Bank of Japan in February, large manufacturers are pessimistic over its likely future course.

Large manufacturing companies assume an average exchange rate of about 78 yen per dollar for this fiscal year that started April 1 compared with current rate of nearly 83 yen per dollar.

The survey forecasts business sentiment among large manufacturers to rise only marginally to minus 3 over the next quarter. Medium-sized and small manufacturers expect business conditions to deteriorate.

“As long as the large manufacturers are at a low level … it is unlikely that the small and medium-size business activity will recover in the near future,” Nishioka said.

The Bank of Japan surveyed 10,894 companies nationwide. About 99 percent responded.

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SCP Worldwide is suing a company it hired to maintain escalators at the Scottrade Center for damages related to a 2009 escalator malfunction that led to multiple injuries.

New York-based SCP Worldwide owns the Scottrade Center in downtown St. Louis at 1401 Clark Street, home to the St. Louis Blues hockey team. Following the team’s home opener on Oct. 8, 2009, the down escalator near the Clark Street entrance sped up and then came to a halt, according to witnesses interviewed at the time. Several people on the crowded escalator were treated for injuries. The escalator has since been repaired.

Now SCP is alleging in a lawsuit filed in St. Louis that the company it hired in June 2009 to maintain and repair escalators at Scottrade Center, Schindler Elevator Corp., failed to properly inspect and maintain the escalators. SCP also alleges Morristown, N.J.-based Schindler was negligent in ensuring its technicians were adequately trained.

The lawsuit was initially filed in St. Louis Circuit Court earlier this year and was moved to federal court today.

SCP is seeking damages for diagnostic and repair costs exceeding $105,000. SCP also is seeking an unspecified amount in damages for settlement claims for injuries related to the 2009 escalator malfunction.

Attorneys representing SCP and Schindler did not immediately return calls for comment.

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Dutch Freedom Party leader Geert Wilders said the Netherlands, the euro area

Oil prices fell below $108 a barrel Tuesday in Asia as a weak demand picture offset fears of a potential supply disruption should tensions explode between the West and Iran over its nuclear program.

Benchmark oil for April delivery was down 58 cents to $107.98 at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell by $1.21 to $108.56 per barrel in New York on Monday.

Brent crude fell 69 cents to $123.48 per barrel in London.

Western nations fear that Iran is building a nuclear weapon and have been trying to get international inspectors into its facilities. Iran denies the claim and has threatened to disrupt oil supplies in response to any threats.

Despite those headwinds, some analysts said crude prices should weaken because Iran was unlikely to make good on its threat to block the Strait of Hormuz, through which one-fifth of the world’s oil tankers pass each day. Another factor _ the ongoing economic fragility in Europe _ will reduce future demand and help rein in price hikes payday advance.

“We therefore continue to expect oil prices to drop back sharply this year as weakening demand more than offsets concerns over Iran, which are likely to fade too,” analysts at Capital Economics said in a report.

The possible release of oil by the International Energy Agency or the U.S. could also help drive prices down, it said. The IEA embarked on a similar release of emergency crude stocks in June 2011 to ease the strain of high oil prices on the global economy.

“Either way, assuming a larger and earlier stock release than in 2011, the price of Brent crude could then quickly fall by as much as $10 per barrel,” the report said.

In other energy trading, heating oil fell 1 cent to $3.27 per gallon and gasoline futures were steady at $3.30 per gallon. Natural gas was unchanged at $2.45 per 1,000 cubic feet.

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Rupert Murdoch’s newest newspaper launched Sunday with a familiar mix of celebrity news, scantily clad women and defiant language.

The Sun’s Sunday edition hit the stands two weeks after five employees of the tabloid were arrested in an inquiry into the alleged payment of bribes to police and defense officials.

The new Sunday tabloid replaces The News of the World, which closed in July after an advertising boycott led Murdoch to pull the 168-year-old paper. Britons were disgusted by revelations that the paper had routinely hacked into the phones of those in the public eye _ including, most notoriously, a missing schoolgirl whose murder had shocked the country.

The scandal has spawned three parallel police investigations and a judge led inquiry into media ethics, all of which are ongoing. Dozens have been arrested or been pushed to resign because of the scandal, include two of Britain’s top police officers, who were accused of not doing enough to get to grips with the tabloid’s wrongdoing.

The Sun Sunday said in its editorial that the scandal had been “a sobering experience for our entire industry.”

“The Sun has been a tremendous force for good. It is worth reminding our readers, and detractors, of that as we publish our historic first Sunday edition during what is a challenging period,” it said.

Murdoch flew to London to oversee the launch of the newspaper and was at the printing presses north of London on Saturday night to see the first editions appear.

The newspaper turns The Sun _ Britain’s biggest selling newspaper _ into a seven day operation, run by the same editor Dominic Mohan.

The front page story is an interview with British actress Amanda Holden speaking about the birth of her baby where she hemorrhaged badly and columns by model Katie Price and the Archbishop of York John Sentamu.

Journalist Peter Preston wrote in The Observer newspaper that The Sun Sunday lacks “any real revelation or guilty pleasures.”

Britain’s media ethics scandal flared again last week just ahead of the launch of the newspaper, with two men arrested on suspicion of computer hacking Friday and a senior police officer placed under investigation for allegedly leaking information to Murdoch’s News International.

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Federal regulators said Tuesday that they’ve approved new suppliers for two crucial cancer drugs, easing critical shortages _ at least for the time being _ that have patients worried about missing life-saving treatments.

The Food and Drug Administration said it will temporarily allow importation of a replacement drug for Doxil, a drug for ovarian and other cancers that hasn’t been available for new patients for months.

The agency also has approved another supplier for a preservative-free version of methotrexate, a crucial drug for children with a type of leukemia called ALL and for high-dose treatment of bone cancer. The version with preservatives can be toxic or cause paralysis in children and other patients getting the drug high doses.

The FDA also has approved the release of a batch manufactured by Ben Venue Laboratories Inc., shortly before it closed several factories and its complex in Bedford, Ohio, possibly for a year, due to serious quality problems. That closing is what turned the on-again, off-again methotrexate shortage that began in late 2008 into a crisis almost overnight, with fears that patients would begin missing treatments as soon as the end of this month.

The FDA increasingly has been able to prevent drug shortages by getting advance notice from manufacturers, with 195 shortages prevented in 2011, mostly late in the year after President Obama issued an executive order giving FDA additional powers to address the shortages. Still, about 280 drugs are in short supply.

“A drug shortage can be a frightening prospect for patients,” FDA Dr. Commissioner Margaret A. Hamburg said in a statement. “Through the collaborative work of FDA, industry and other stakeholders, patients and families waiting for these products or anxious about their availability should now be able to get the medication they need.”

Drug shortages have increased dramatically in the U.S. over the past six years, particularly for generic injected drugs, which are the workhorses of hospitals but are difficult to make and produce little profit for drugmakers.

The shortages are caused primarily by problems with sterility and other serious issues that have led to shutdowns of production lines and occasionally entire factories. In addition, consolidation among generic drug manufacturers, as well as manufacturers deciding to end production of marginally profitable drugs, has led to decreased capacity. That means when one manufacturer suddenly stops production, the small number of others making a drug can’t quickly pick up slack.

The inability to get crucial medicines has disrupted not only carefully timed chemotherapy regimens, but surgery and care for patients with infections, pain and other serious conditions. At least 15 deaths since 2010 have been blamed on the shortages, which have set a record high in each of the last five years.

Of late, the cancer drug shortages have attracted the most attention, partly because missing multiple treatments can sharply reduce the chances of curing the disease. In the case of methotrexate, its use as part of the treatment for acute lymphoblastic lymphoma results in nearly 90 percent of children being cured, so parents and doctors were particularly upset at the prospect of it not being available.

The FDA said Tuesday it has temporarily approved importing an alternative to Doxil called Lipodox, made by Sun Pharma Global FZE. It’s also given approval to APP Pharmaceuticals to begin making a preservative-free version of methotrexate in addition to its current drug that includes preservatives.

The agency was to discuss details of its efforts on the two cancer drugs at a noon news conference.

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Soaring oil prices helped Exxon Mobil post a slightly higher fourth-quarter profit. But a slowdown in production and lower natural gas prices are worrying investors.

Exxon’s oil and natural gas production fell 9 percent during the quarter. The drop came even after the company spent a record $36.8 billion last year to explore for more energy. Exxon’s stock price fell $1.74, or 2 percent, to $83.75 a share in midday trade.

Exploration can take years to yield more oil and gas. Some of Exxon’s biggest investments recently have been in U.S. natural gas fields, which so far haven’t paid off because prices are at the lowest level in a decade.

Its $29 billion acquisition of XTO Energy two years ago has been a disappointment, Oppenheimer & Co. analyst Fadel Gheit said.

The deal, which overnight made Exxon America’s biggest natural gas producer, hasn’t generated the kind of profits that investors expected.

Gheit said the company needs to consider cutting production. “They don’t want to have dead wood dragging them down,” he said.

The business Exxon is best known for, oil, drove results during the quarter. In the final three months of the year, the company sold crude for 27 percent more than a year earlier.

That boosted net income to $9.4 billion, or $1.97 per share, in the fourth quarter, compared with $9.25 billion, or $1.85 per share, a year earlier. Revenue rose nearly 16 percent to $121.6 billion.

Exxon produced an average of 4.5 million barrels of oil and natural gas a day. That’s nearly twice as much as Chevron Corp., America’s second-largest petroleum company.

But the output is less than what Exxon’s wells produced the year before. That’s partly because some of fields matured and produced less. Also, many contracts in foreign countries limit the amount of oil that Exxon can keep and sell as prices rise.

Earnings in Exxon’s exploration and production business rose 18 percent thanks to higher prices.

But those same prices hurt its refining business, where income dropped 63 percent. The refineries have struggled to pass along to customers the higher cost of oil used for gasoline, diesel and other fuels. That’s because demand is slowing in many parts of the world.

Stricter rules on car and truck fuel economy are expected to keep demand low for years in the U.S. and Europe.

As result, large oil and gas companies have been shedding refining operations, especially in developed markets.

Exxon announced Sunday that it is selling its Japanese refining and marketing business to partner TonenGeneral Sekiyu K.K. for $3.9 billion following an extended slide in Japanese fuel demand. The deal is expected to close mid-year.

Exxon’s chemicals business saw profits decline 49 percent.

For the full year, Exxon’s net income rose 34.8 percent while revenue rose 26.9 percent.

Last week, Chevron Corp. said profits slipped 3.2 percent. ConocoPhillips reported a 66-percent increase in quarterly earnings, though much of that came from the sale of a pipeline and other assets. Royal Dutch Shell expects to report its financial results later this week.

Shares of Exxon Mobil Corp. fell 91 cents to $84.58 in early trading.

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