Euro area manufacturing showed a narrowed contraction in January as the advanced reading came in at 48.7 from December's reading of 46.9, while analyst's estimates referred to 47.3, according to the PMI gauge.

Services, on the other hand, recorded an expansion of 50.5 in the same month compared with the prior contraction of 48.8 and projections of 49.0.

Accordingly, PMI composite expanded 50.4 relative to the previous contraction of 48.3 and expectations of 48.5.