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Inflation and unemployment data from euro area is due on Wednesday, headlining a busy day for the European economics news.

At 2.00 am ET, Destatis is slated to issue Germany's retail sales and labor market statistics. Sales are forecast to grow 2.8 percent on year, slower than the 4.4 percent increase seen in November.

In the meantime, Switzerland's UBS consumption indicator is due for December.

At 2.45 am ET, the French statistical office Insee is set to publish flash consumer and producer price figures. Inflation is seen unchanged at 1.2 percent in January.

At 3.00 am ET, Spain's INE publishes preliminary inflation data. Inflation is expected to ease to 0.9 percent in January from 1.1 percent in December.

In the meantime, Hungary's producer price data is due for December. Prices had advanced 4.5 percent on year in November.

At 3.55 am ET, Germany's Federal Labor Agency releases unemployment data. The jobless rate is forecast to ease to 5.4 percent in January from 5.5 percent in December.

At 4.00 am ET, Italy's unemployment figures are due. The jobless rate is seen at 10.9 percent in December versus 11 percent in November.

At 5.00 am ET, Eurostat is scheduled to release Eurozone inflation and unemployment data. Inflation is forecast to rise to 1 percent in January from 0.9 percent in December. Economists forecast the jobless rate to remain unchanged at 8.7 percent in December.