Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for the Eurozone on Monday. Eurozone's preliminary manufacturing PMI declined to 51.0 in February from 52.3 in January. Analysts had expected the index to fall to 52.0.

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

Eurozone's preliminary services PMI fell to 53.0 in February from 53.6 in January. Analysts had expected the index to decrease to 53.4.

"Disappointing PMI survey data for February greatly increase the odds of more aggressive stimulus from the ECB in March. Not only did the survey indicate the weakest pace of economic growth for just over a year, but deflationary forces intensified", Markit's Chief Economist Chris Williamson said.

He noted that data was signalling the Eurozone's economy could expand 0.3% in the first quarter.