Analysts said the poor showing over the past couple of months is further evidence that the eurozone is facing a softer economic outlook in light of a number of factors, including uncertainty over the state of the global economic recovery, emanating in particular from the slowdown in China.
Within the eurozone, economic confidence could be jolted by any renewed worries over Greece's future in the single currency bloc, though these appear to be easing, as well as the upcoming Spanish general election.