The Stoxx Europe 600 was up 0.6% midmorning, led by the auto sector, after the index fell 6.7% last week.

Futures pointed to a 0.6% opening gain for the S&P 500. Changes in futures don’t necessarily reflect market moves after the opening bell.

Earlier Monday, the Shanghai Composite Index fell 5.3%, ignoring a modest rise in the Chinese currency amid fears that Chinese authorities are unable to stem the turmoil in the Asian giant’s financial markets and broader economy.

But the losses in Chinese markets didn’t spur the same panicked reaction for global equity investors that pummeled global markets last week.

Many investors are pausing to consider how much of the recent turmoil actually reflects China’s longer-term economic prospects and global growth more broadly.

“The prospect of a hard landing in China has increased global fears, but there may be budding signs that investors are starting to view the equity market as oversold,” said Rebecca O’Keeffe, head of investment at stockbroker Interactive Investor.

Some investors said that China has posted little new information about its economy that would justify the market’s reaction. Meanwhile, the most recent economic data from Europe and the U.S. has been mainly positive.

Rapid weakening of China’s currency and volatility in its stock markets last week sparked turmoil across global markets, sending the Dow Industrials down over 1,000 points in the worst-ever opening week for U.S. stocks.

Although a weaker currency should support Chinese exports, investors have worried that rapid downward adjustments to the yuan could spark a global currency war, while also be taken as a sign that the world’s second-largest economy is slowing faster than expected.

Commodities continued their slide on Monday, with Brent crude oil last down 1.3% at $33.48 a barrel on concern over China and tensions in the Middle East. Industrial metals were also down heavily, as nerves over the Chinese economy took its toll. Copper was down 1.32% and nickel fell 1.77%.

The commodity falls and wider volatility in equity markets underscore continued frayed nerves in markets.

Dirk Thiels, head of investment strategy at KBC Asset Management, said the jitters about China’s economy are only adding to the underlying fragility of financial markets at the start of the year.

“People are worried this economic growth we’ve seen strongly in Europe and in the U.S. was built on very cheap money, and now that things are changing, [as the Federal Reserve raises rates] that might not last for a long time,” he said.

In Asia, Friday’s losses on Wall Street and the further slide in Chinese equities weighed on broader bourses. Hong Kong’s Hang Seng Index was down 2.5%, hitting its lowest level in over two years. Australia’s S&P/ASX 200 lost 1.2%. Japan’s Nikkei Stock Average was closed for a holiday.

Russia’s MICEX index fell 2.7% in its first working day after a New Year holiday period, hit by the steep fall in oil prices.

In currencies, the dollar was last up 0.4% against the yen at ¥117.7240, while the euro was down 0.3% against the dollar at $1.0890.

Government bonds lost ground as investors moved tentatively back into riskier assets. The yield on 10-year U.S. Treasurys climbed 0.04 percentage point to 2.152%. Yields in Germany and the U.K. also edged up. Yields rise as prices fall.

Gold, traditionally considered a haven, was up 0.3% at $1,100 an ounce.