The IHS Markit Eurozone Composite PMI declined to 52.4 in January 2022 from 53.3 in the previous month and slightly below market expectations of 52.6, a "flash" estimate showed on Monday. The latest reading pointed to a second consecutive month of slowing growth in business activity, with the pace of expansion hitting an 11-month low, as the services sector was hit by renewed COVID-19 restrictions. On the other hand, manufacturing production rose the most in five months amid signs of alleviation of supply chain delays.

The PMI weighed on market sentiment, pulling down European equity markets in the red. The EURO STOXX 50 and STOXX 600 indices fell by over -2% (11:40 AM, GMT +1). At the same time, investors remained cautious ahead of the US Federal Reserve's policy statement due Wednesday, with officials set to signal their first interest-rate hike since 2018.

ETFs tracking the EURO STOXX 50 and STOXX 600 tagged along, including iShares STOXX Europe 600 UCITS ETF, Xtrackers Euro Stoxx 50 UCITS ETF, Lyxor Core STOXX Europe 600 UCITS ETF, and Amundi EURO STOXX 50 UCITS ETF among others ? dropping between -1% to -2.5%. Meanwhile, iShares STOXX Europe 600 Travel & Leisure UCITS ETF, Lyxor STOXX Europe 600 Travel & Leisure UCITS ETF, and Invesco STOXX Europe 600 Optimised Travel & Leisure UCITS ETF, took a bigger hit ? falling between more than 3%.

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