The Purchasing Managers' index (PMI) reflects economic trends in the manufacturing and service sectors. A PMI below 50 points indicates a downturn of economic activity. The Eurozone's PMI for December sank to 49.1 amid new lockdown measures imposed to halt the spread of the coronavirus.

A double-dip recession in Europe seems an "increasingly inevitable" prospect, a PMI survey conducted by Markit Economics revealed on Friday.

According to preliminary estimates, the Eurozone's PMI tanked to 47.5 in January, down from 49.1 registered in December.