Consumer and producer prices from the UK and industrial production from the euro area are the top economic news due on Wednesday. At 2.00 am ET, the Office for National Statistics releases UK consumer and producer prices for December. Inflation is forecast to remain unchanged at 2.6 percent. Economists forecast output prices to remain flat on year, following a 0.6 percent drop in November.

At 2.45 am ET, France's statistical office INSEE publishes final inflation figures for December. Consumer price inflation is seen at 1.3 percent, unchanged from flash estimate.

At 3.00 am ET, final inflation figures are due from Spain. The flash estimate showed that inflation rose to 2.8 percent in December from 2.4 percent in November. The statistical office is expected to confirm the estimate published on December 30.

At 5.00 am ET, Eurostat is slated to issue euro area industrial production figures for November. Economists forecast production to grow 0.3 percent on month after remaining flat in the previous month.

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