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European stocks are set to open mixed Tuesday as investors await key economic data from Eurostat and markets continue to test multi-year and all-time highs while political risks recede.

Britain's FTSE 100 is likely to add around 0.03% at the opening bell, according to financial bookmakers IG, while Germany's DAX performance index is priced for a marginal 0.06% decline. France's CAC-40 is set for a modestly larger 0.38% fall at the start of trading.

Eurostat, the region's statistics office, will publish its flash-estimate of Eurozone GDP at 10:00 BST after indicating earlier this month in a pre-release that the economy expanded at a 0.6% pace for the first three months of the year.

Against the improving backdrop, and significant wins for centrist candidates in France and Germany over the past two weeks, investors have taken the euro to a three-week high of 1.0988 against the U.S. dollar in overnight trading.

That said, a good portion of the euro's strength was linked to a weaker U.S. dollar, which slumped overnight after a weaker-than-expected reading of manufacturing activity in New York Monday, which showed the first contraction since October. The dollar index, a measure of the greenback's strength against a baskets global currencies, fell 0.14% to around 99.60.

Asia's bullish tone for stocks, however, faded into the end of the session after the region-wide MSCI Asia ex-Japan traded at a 23-month high before slipping -0.1% into the red.

Oil prices also extended gains after hitting a three-week high in New York Monday with investors scrambling to cover short positions after both Russia and Saudi Arabia issued a statement that signalled an 18-month extension of OPEC's 1.8 million barrels per day of output cuts.

WTI futures for June delivery were marked 0.14% higher at $48.96 in early European trading while Brent contracts for the same month, the global benchmark, were seen 0.20% higher at $51.93.

Early indications from U.S. futures prices point to a modestly negative open on Wall Street Tuesday, with the Dow Jones Industrial Average set for an 11 point decline and the broader S&P 500 poised for a 3 point, or 0.12%, pullback from the record high 2,402.32 it reached Monday.