Markit Economics released its manufacturing purchasing managers' index (PMI) for Italy on Wednesday. Italy's Markit/ADACI manufacturing PMI decreased to 52.4 in May from 53.9 in April.

The decrease was driven by a slower growth in output, new orders and job creation.

"The index sank to its second-lowest level in the past 15 months, as the rates of expansion in output, new orders and employment eased. The latest export figure was likewise disappointing, showing the smallest rise in sales to clients from abroad since October 2014," Markit economist Phil Smith said.