European stocks closed in the red on Friday, with caution setting in as investors were reluctant to make big bets ahead of comments from prominent officials from the U.S. central bank, which could influence investing strategies.

U.S. stocks eked out gains on Friday, extending a weekly advance, as comments from Janet Yellen and other key Federal Reserve officials confirmed growing expectations of a March interest-rate increase. The central bank's policy-setting Federal Open Market Committee is set to convene at its two-day meeting starting March 14.

Shares were mixed in Asia early Monday following North Korea's launch of four ballistic missiles, three of which landed in Japan's 200-nautical mile exclusive economic zone. Hong Kong's benchmark climbed 0.3 percent after the opening of the annual session of the National People's Congress in Beijing.