Markit Economics released its manufacturing purchasing managers' index (PMI) for Spain on Monday. Spain's manufacturing purchasing managers' index (PMI) rose to 55.4 in January from 53.0 in December.

The increase was driven by a rise in output, new orders and employment.

"The Spanish manufacturing sector shrugged off uncertainty surrounding the make-up of the next government in January, posting a strong start to 2016. One key highlight was the fastest rise in new business since prior to the economic crisis, while efforts to increase stock holdings point to confidence in the near-term outlook for orders," a senior economist at Markit Andrew Harker said.