Wednesday, Germany's Munich-based Ifo Institute for Economic Research is scheduled to release German business confidence survey at 5.00am ET.

The business confidence index is forecast to drop to a historical low of 82.2 in March from 82.6 in February. Meanwhile, the index measuring the current situation is expected to decline to 82.5 from 84.3 last month.

On the other hand, the expectations index is forecast to rise to 81.5 in March from 80.9 in February.

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