Business activity in the euro zone hit a 13-month low in February, according to the latest purchasing manager's index from Markit. The euro zone composite PMI index, which measures activity in the manufacturing and services sector, fell to 52.7 in February from a revised figure of 53.5 in January. The index came in below expectations of 53.3 from analysts polled by Reuters. The 50-point mark separates expansion from contraction. The second consecutive month of slowdown reflected a "waning in growth of new orders for a third consecutive month, resulting in the smallest rise in new business for 12 months," Markit said.

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Last month, flash data showed that European business activity slowed to its weakest level since February 2015. Chris Williamson, chief economist at Markit, said that the latest disappointing data "greatly increase the odds of more aggressive stimulus from the ECB (European Central Bank) in March."