Just after noon on Monday, the benchmark S&P/ASX200 was 18 points, or 0.23 per cent, higher to 7965.4, while the broader All Ordinaries edged up 16.8 points, or 0.21 per cent, to 8195.3.
At Friday's close, the ASX200 fell to a six month low of 7948.2, representing a 7.5 per cent drop, or $210 billion wiped from the index's mid-February all-time-high of 8615.2.
"While we wouldn't be surprised to see the ASX200 muster a 2-3 per cent bounce soonish, we are unable at this point to identify a clear catalyst for a sustained turnaround," IG Markets analyst Tony Sycamore said.
"Furthermore, China CPI and PPI data released over the weekend warns again of the deflationary forces circling the Chinese economy."
The weak figures also precluded any impacts of the US doubling tariffs on goods imported from China, he said.
Still on tariffs, the US intends to forge ahead with 25 per cent tariffs on steel and aluminium imports, and so far with no plans for an exemption for Australia.
Seven of the ASX's 11 sectors were trading higher, with energy stocks up 1.1 per cent after leading losses last week when it gave up 7.5 per cent.
Materials stocks were 0.5 per cent higher at around midday, as BHP lifted 0.4 per cent and Rio Tinto gained 1.5 per cent, with their scale helping to elevate them over smaller miners in the face of steel production cuts flagged by China.
Telecommunications stocks were the worst performers on Monday morning, down 0.7 per cent, tracking with a 0.8 per cent slump in Telstra, which was trading at $4.12.
Insurance giant Suncorp has bounced 3 per cent, with competitors IAG and QBF also bouncing more than 1 per cent, after tropical Cyclone Alfred was downgraded to a tropical low over the weekend.Â
US casino giant Bally's Corp has offered to buy a controlling stake in debt-ridden Star Entertainment Group and save it from going into administration. Star secured a $53 million lifeline over the weekend in exchange for its stake in the Queen's Wharf Brisbane entertainment project.
Bitcoin has continued its downward trajectory, falling more than 10 per cent since Friday to trade at around $US81,720, after news a US government cryptocurrency reserve would depend on tokens already owned or seized by government. Talk of a potential US recession over the weekend also weighed on the highly-volatile, risk-on asset.
The Australian dollar has held relatively steady against the Greenback, and is buying 63.18 US cents, up slightly from 63.01 US cents on Friday afternoon.
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