Opening calls are indicating a slightly lower opening this morning.
The Nikkei average is trading higher in the current session.
U.S. stocks rallied Tuesday, kicking off the new year on a high note, as investors welcomed upbeat reports on economic activity around the world.
Attention will turn to Germany on Wednesday as it holds the first significant euro zone bond auction of 2012 at 10:30am UK time; up to 5 billion euros ($6.5 billion) worth of 10-year bonds will be on offer.
A swathe of service sector data from Europe is also due on Wednesday, with France reporting at 8:50am, followed by Germany at 8:55am and the euro zone at 9:00am.
Corporate releases to watch include a fourth quarter trade release from high street retailer Next and a five week trading update for the Christmas period from John Lewis and its food division, Waitrose.