European stocks rose on Friday, with gains for industrial and tech shares helping the region's benchmark bag a third straight weekly win, as investors appeared to set aside concerns about a possible shutdown of the U.S. government.

It's still early, but so far fourth-quarter earnings season is confirming what most investors had already suspected: a lower corporate tax rate is likely to boost profits and may even percolate into the broader economy.

Most Asian markets traded lower on Monday as investors kept an eye on political developments in the U.S. after a government shutdown began last week. Japan's Nikkei 225 edged down 0.18 percent in afternoon trade. Automakers were mixed: Toyota declined 0.68 percent while Mitsubishi Motors tacked on 1.97 percent.