Inflation in the euro zone dropped for a second consecutive month in December, according to preliminary data from the European statistics agency, Eurostat. Headline inflation, which includes food and energy costs, came in at 9.2% year-on-year in December. Inflation rates in November contracted slightly for the first time since June 2021, representing a headline inflation rate of 10.1%. This is a positive sign for the economy, as it indicates that prices are beginning to stabilize after months of increases.

Economists anticipate that the economic downturn in the United Kingdom in 2023 will be nearly as severe as that of Russia, due to a significant decrease in the standard of living for households that will have a negative effect on the economy.

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Asian-Pacific shares traded lower on Wednesday, following losses on Wall Street. Investors are awaiting the release of some key economic data from the region.

According to Peter Toogood, chief investment officer at Embark Group, government bond yields are likely to rise in 2023 as central banks step up efforts to reduce their balance sheets. This would be "for the wrong reasons," Toogood said, as it would likely be due to inflationary pressures rather than strong economic growth.

In November, Japan's core inflation rate rose at the fastest pace in nearly 41 years, leading to speculation that the Bank of Japan might tighten monetary policy in 2023.