Leaders from Europe's two largest economies have led a chorus of gloomy reactions to the trade deal struck between EU chief Ursula von der Leyen and US President Donald Trump.

European shares pulled back from a four-month high and settled Monday's choppy session marginally lower as investors weighed the implications of a framework trade agreement between the United States and the European Union.

Both sides hailed the agreement as the biggest ever. But it will come at a cost to the European Union, and many details have yet to be nailed down.