Markit Economics released final services purchasing managers' index (PMI) for the Eurozone on Wednesday. Eurozone's final services purchasing managers' index (PMI) increased to 54.1 in October from 53.7 in September, down from the preliminary reading of 54.2.

The index was driven by rises in new business, backlogs of work and employment.

Eurozone's final composite output index rose to 53.9 in October from 53.6 in September, down from the preliminary reading of 54.0.

"The final PMI data confirm the steady but still somewhat lacklustre economic growth recorded in the euro area at the start of the fourth quarter. The survey suggests that the region's quarterly growth rate remains constrained at around 0.4%," Chief Economist at Markit Chris Williamson said.