Unemployment from euro area and retail sales from Germany are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany's retail sales data for October. Economists forecast sales to grow 1.2 percent on month after falling 2.2 percent in September.

Half an hour later, Swiss consumer price data is due. Prices are expected to fall 0.5 percent annually, following a 0.6 percent drop in October.

At 3.00 am ET, Spain unemployment data is due from the labor ministry.

At 4.00 am ET, Italy's Istat releases unemployment data for October. The jobless rate is forecast to rise to 9.9 percent from 9.6 percent in September.

At 5.00 am ET, Eurostat is set to issue euro area unemployment and producer price figures for October. Economists expect the unemployment rate to rise marginally to 8.4 percent from 8.3 percent in September.

At 7.00 am ET, Poland's central bank is scheduled to announce its interest rate decision. The bank is forecast to hold its key rate at 0.10 percent.