Asian stocks tread water on wary outlook; bonds firm

By Saikat Chatterjee HONG KONG (Reuters) - Asian shares hovered near a two-month low on Wednesday, as investors shrugged off an overnight rally in global stocks and looked to bonds in the absence of signs of a sustainable recovery in China and other emerging markets. While strong March data out of China had raised hopes that its economy was turning the corner, mixed data so far in April and surging debt levels in a variety of industries has fuelled doubts about the sustainability of any recovery