Markit Economics released its manufacturing purchasing managers' index (PMI) for Italy on Tuesday. Italy's Markit/ADACI manufacturing PMI slid to 52.2 in February from 53.2 in January.

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

"February survey data confirm that the manufacturing sector has started 2016 on a softer footing. Growth rates for both output and new orders waned further from the highs seen late in 2015, while manufacturers' buying levels failed to rise for the first time in over a year," Markit economist Phil Smith said.