The Euro Zone Hasn't Looked This Good Since June 2011

Earlier, we learned that the eurozone flash purchasing managers' index jumped to 53.2 in January, the highest level since June 2011.

Any reading above 50 signals expansion.

This is a preliminary measure. Still, it is up significantly from 52.1 in December, and it is well ahead of the 52.5 expected by economists.

The eurozone's services sub-index improved to a four-month high of 51.9 and the manufacturing sub-index hit a 32-month high of 52.7

"The eurozone's recovery gained further momentum in January," said Markit economist Chris Williamson. "The upturn in the PMI puts the region on course for a 0.4-0.5% expansion of GDP in the first quarter, as a 0.6-0.7% expansion in Germany helps offset a flat-looking picture in France. Elsewhere across the region growth has improved to its fastest since early-2011, meaning the periphery is showing clear signs of starting 2014 on a firm footing."

Germany's Flash PMI number were particularly strong. The composite PMI jumped to a 31-month high of 55.9 in January, with the manufacturing sub-index jumping to a 32-month high of 56.3.

Markets are mixed in Europe. Britain's FTSE 100 is flat. Germany's DAX is down 0.1%, and France's CAC 40 is up 0.1%.

Some of the momentum out of Europe may be hindered by China, were data continue to confirm an economy that is slowing.