The European Commission released its economic sentiment index for the Eurozone on Thursday. The index slid to 105.0 in January from 106.7 in December. December's figure was revised down from 106.8.

Analysts had expected the index to decline to 106.4.

The drop was driven by a fall in confidence in industry and a decline in consumer confidence.

The industrial confidence index fell to -3.2 in January from -2.0 in December, missing expectations for a drop to -2.4.

The final consumer confidence index was down to -6.3 in January from -5.7 in December, in line with expectations.

The business climate index decreased to 0.29 in January from 0.39 in December. December's figure was revised down from 0.41. Analysts had expected the index to remain unchanged at 0.39.