- US stock indices erased steep early losses to close nearly unchanged amid fresh signs of weakness in the Chinese economy and lingering worries over plunging oil prices.
The main US indexes briefly turned positive after a late-afternoon rally, but finished roughly flat, despite a 6% drop in crude oil futures.
Sentiment improved after weak US manufacturing PMI data fueled expectations of a protracted status quo on interest rates by the Federal Reserve.
The Dow Jones Industrial Average reversed a 160-point loss to close 17.12 points, or 0.1%, lower at 16,449.
The energy sector was the worst performer on the S&P 500, down 1.9%, followed by financials, down 0.6%.
US manufacturing activity contracted for the fourth straight month in January, but at a slower pace than expected.
The Institute for Supply Management (ISM) said that its manufacturing index rose to 48.2 in January from 48, above forecasts but still below the reading of 50 that signals expansion.
- The Hong Kong stock market on Monday snapped the three-day winning streak in which it had gathered more than 820 points or 4.4 percent. The Hang Seng Index now rests just beneath the 19,600-point plateau, and the market is in line for continued consolidation again on Tuesday.
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