The MSCI Latin American stock index edged slightly higher, gaining 0.08 percent to 3,543.42, though a national holiday in the United States kept volume thin.
Stocks linked to domestic consumption offset losses by commodities firms on Brazil's benchmark Bovespa index, while retailer Wal-Mart de Mexico supported the IPC index.
A series of business surveys on Monday showed manufacturers across the globe continued to struggle in August, with the euro zone's official purchasing managers index showing a contraction for the 13th straight month and China's PMI falling below the 50 mark separating growth from contraction for the first time since November.
China is Brazil's biggest trading partner and a key buyer of Latin American raw materials exports such as soybeans, copper, iron ore and petroleum.
"Today the China data came out quite bad," said Hamilton Alves, senior analyst with BB Investimentos in Sao Paulo. He added that low trading volume in the heavily weighted commodities sector due to the US holiday probably kept the Bovespa from falling into negative territory.
Still, some investors remained cautiously optimistic that the weak data may support the argument for more stimulus from central banks in the United States and Europe at policy meetings due to take place later this month.
"September should continue to be volatile," Alves said. "If the Fed doesn't announce some kind of stimulus at its meeting on the 13th, the market is going to suffer."
Brazil's Bovespa was little changed at 57,110.52 as gains by banks, homebuilders and consumer goods producers helped offset losses by oil producers and mining firms, whose fortunes tend to be more closely linked to the outlook for global demand.
"While interest rates are falling and other investments aren't yielding much, people aren't moving into the Bovespa because of the weak global economy," said Douglas Pinto, a broker with BGC Liquidez in Sao Paulo. "People are getting in and getting out just as quick. We need to see China improve if we want to see that change."
Mexico's IPC index gained its most in over a week, rising 0.62 percent to 39,664.21 after finding support near its 100-day simple moving average.
Shares of retail giant Wal-Mart de Mexico rose 1.71 percent, contributing most to the index's gains, while lender Grupo Financiero Banorte added 2.42 percent.
Chile's IPSA index fell for the second session in three, as shares of retailer Cencosud dropped 1.58 percent.
Cencosud said on Friday that its second-quarter net profit tumbled despite rising sales, on higher administrative and sales costs as well as non-operational losses due to steeper financial costs and exchange rate fluctuations.
