European markets traded higher on Monday, as investors digest the key points from this year’s Munich Security Conference. The pan-European Stoxx 600 was up 0.2% at 10:25 a.m. in London (5:25 a.m. ET), with major bourses and most sectors in the region in positive territory. Stock markets in the U.S., meanwhile, are closed on Monday for Presidents’ Day. Asian shares quietly consolidated recent hefty gains on Monday as the Lunar New Year holiday made for thin trading, while dismal economic data out of Japan took some air out of that booming market. China, South Korea, Taiwan were among the markets that were closed, leaving currencies and bonds becalmed, but precious metals under fresh pressure. Japan reported its economy grew a miserly 0.2% annualised in the December quarter, far below the 1.6% gain forecast as government spending dragged on activity. Japan’s Nikkei edged up 0.2%, having climbed 5% last week. MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.4%. South Korea’s tech-heavy market surged 8.2% last week, while Taiwan climbed almost 6% for the week. Oil prices held steady on Friday after data showed an overall slowdown in U.S. inflation, recovering from an earlier dip on news that OPEC+ is leaning towards a resumption in production increases. Brent crude futures gained 23 cents, or 0.34%, to close at $67.75 a barrel. U.S. West Texas Intermediate crude rose 5 cents, or 0.08%, to settle at $62.89 per barrel. Both oil benchmarks were headed for weekly declines after incurring near 3% losses on Thursday. Brent was headed for a 0.6% weekly loss, and WTI 1.2%. Gold prices rose more than 2% on Friday as weaker than expected U.S. inflation data reignited hopes for Federal Reserve rate cuts this year, offsetting concerns from stronger than expected jobs data earlier in the week. Spot gold was up 2.25% at $5,030.45 per ounce as of 4:01 p.m. ET. Bullion fell about 3% on Thursday, hitting its lowest in nearly a week. U.S. gold futures for April delivery rose 2% to $5,050.80 per ounce. “Gold, and particularly silver, is enjoying a relief rally after a mild January CPI reading eased nerves stoked by Wednesday’s strong employment report,” said Tai Wong, an independent metals trader. Spot silver climbed 2.29% to $76.88 per ounce, snapping back from an 11% decline in the previous session.