The S&P/ASX200 closed almost flat, up 2.3 points or 0.03 per cent, to 8,233.5, as the broader All Ordinaries rose 4.4 points, or 0.05 per cent, to 8,467.
The top-200 lifted as much as 0.57 per cent to a 10-week high after long-awaited US-China trade talks, but fell away by the afternoon with US officials promising more details overnight.
"It could be a trap here, unless they can come out and actually exceed expectations, and I don't know that the basis for that is going to come forth in this briefing later today," IG Markets analyst Tony Sycamore told AAP.
President Donald Trump has flagged US tariffs on China could come down to between 60 per cent and 80 per cent from 145 per cent.
The reduction would leave the US with a total tariff rate of up to 20 per cent, which is almost seven-times pre-Liberation Day levels.
"And that is still, for me, a big question mark around growth and whether US equity markets can retest the highs," Mr Sycamore said.
Five of 11 local sectors finished higher, with energy and materials stocks pushing the bourse higher with gains of two per cent and 0.9 per cent respectively, as financials grinded 0.2 per cent lower.
Oil and gas giants Santos (+3.3 per cent) and Woodside (+2.0 per cent) rallied as the trade talks between the world's biggest crude consumers helped push Brent futures 1.4 per cent higher to $US64.61.
Likewise, iron ore miners BHP and Rio Tinto each rose more than two per cent each as investors priced-out their worse case scenarios for US-China trade relations.
South32 rallied 2.9 per cent after announcing long-running chief executive Graham Kerr will make way for Anglo American executive Matthew Daley in 2026.Â
Mr Kerr has been at the mixed miner's helm since it was spun out of BHP in 2015.
The big four banks were mixed, with NAB shedding 2.3 per cent after going ex-dividend as ANZ lifted 0.8 per cent and the Commonwealth Bank held relatively steady at $167.18.
Investment and financial services giant Macquarie Group has continued its run, rallying more than two per cent on Monday after Citi upgraded it to 'neutral', and is up almost seven per cent since last Monday to $207.61.
Health care stocks had a rough day, down 1.4 per cent as CSL and Fisher and Paykel Healthcare sold off, after Mr Trump renewed his push for most-favoured nations pricing for pharmaceuticals sold in the US.
Consumer staples also bled lower, down one per cent as grocery giant Woolworths fell 1.5 per cent after announcing it would cut prices on hundreds of products from Wednesday.
Bunnings owner Wesfarmers slipped 0.6 per cent after the DIY chain's lowest price guarantee came under fire for promoting the deal for own-brand items unavailable at other stores.
The Australian dollar, which snapped its four-week winning streak last week, is buying 64.41 US cents, up from 63.97 US cents on Friday at 5pm.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Monday 2.3 points higher, or up 0.03 per cent, to 8,233.5
* The broader All Ordinaries as the broader All Ordinaries gained 4.4 points, or 0.05 per cent, to 8,467
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.41 US cents, from 63.97 US cents on Friday at 5pm
* 94.44 Japanese yen, from 93.00 Japanese yen
* 57.59 Euro cents, from 56.93 Euro cents
* 48.61 British pence, from 48.31 pence
* 108.74 NZ cents, from 108.61 NZ cents
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