Consumer and producer prices data from the UK is the top economic news due on Wednesday, headlining a light day for the European economic news.

At 3.00 am ET, the Office for National Statistics is scheduled to issue UK consumer and producer prices for February. Inflation is forecast to ease to 3.5 percent from 4.0 percent in January. Economists expect output prices to fall 0.1 percent on year, following a 0.6 percent decrease in the previous month.

In the meantime, producer price data is due from Germany. Economists forecast producer prices to fall 3.8 percent annually in February after easing 4.4 percent in January.

At 5.00 am ET, Italy's statistical office ISTAT is scheduled to issue industrial output for January. Production is seen falling 0.6 percent on a monthly basis, in contrast to the 1.1 percent increase in December.

At 6.00 am ET, Eurostat releases euro area construction output for January.

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