Markit Economics released its manufacturing purchasing managers' index (PMI) for Italy on Monday. Italy's manufacturing purchasing managers' index (PMI) slid to 53.2 in January from 55.6 in December.

The decline was driven by a softer growth in output and new orders.

"The first batch of PMI data for 2016 showed a cooling in the rate of growth in the manufacturing sector from the sharp pace seen at the end of last year. There remained significant forward momentum, however, with new orders rising broadly in line with average for 2015 and job creation reaching a seven-month high," Markit economist Phil Smith said.