Traders are eagerly awaiting crucial data from China amid the fragile situation on global equity markets, as any unexpected shock might see an even greater risk-off mood.

On Tuesday, the National Bureau of Statistics of China will publish the annual pace of GDP growth during the fourth quarter of 2015, which is expected to hit 6.9% according to the market survey.

Therefore, the economy's growth will stay stagnant at the lowest level since the first quarter of 2009, when the economy expanded by 6.2%. In fact, the almost 7% growth might be considered as a buoyant performance by Western standards, but no party will be thrown as just few years ago, in 2010, China hit a record pace of 11.9%.

Meanwhile, December's industrial production is also anticipated to stay at a multi-year low, previously seen during the credit crisis in 2009, as analyst expects the gauge to hit 6.1%.