European Shares Seen Opening On Cautious Note

European stocks may open largely unchanged on Tuesday after a Chinese government adviser said that committing to and carrying out the phase one agreement with the United States is a huge challenge for China.

The two sides need to go through necessary procedures, including legal reviewing and translation proofreading before signing the agreement.

"China and the United States still need to finish some necessary procedures," Chinese foreign ministry spokesman Geng Shuang told reporters, adding that China will release more details "at the right moment."

Meanwhile, the "phase one" deal with China is nearly complete, save for translation, U.S. President Donald Trump said during a meeting with governors and lawmakers in the United States.

Asian markets remain mostly higher while the British pound fell on reports that U.K. Prime Minister Boris Johnson is planning a new Brexit deadline. Gold prices held steady while oil edged lower but hovered near a three-month high.

Bank of England Governor Mark Carney said the possibility of a no-deal Brexit has decreased after Boris Johnson won the general election.

"The worst-case scenario is effectively a no-deal disorderly Brexit," Carney told reporters after the release of Financial Stability Report.

Unemployment data from the U.K. is due later in the session, headlining a light day for the European economic news. Across the Atlantic, trading may be impacted by reaction to economic reports on housing starts and industrial production.

U.S. stocks hit fresh record highs overnight as encouraging housing and manufacturing data helped offset skepticism about the long-awaited "phase-one" U.S.-China trade deal announced last week.

The Dow Jones Industrial Average rose 0.4 percent, the tech-heavy Nasdaq Composite climbed 0.9 percent and the S&P 500 added 0.7 percent.

European markets closed higher on Monday to extend gains from the previous session as trade worries and Brexit uncertainty appeared somewhat eased and a string of Chinese data topped forecasts.

The pan-European Stoxx 600 climbed 1.4 percent. The German DAX gained 0.9 percent, France's CAC 40 index rallied 1.2 percent and the U.K.'s FTSE 100 index jumped 2.3 percent.

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