Europe seen mixed; Greece, earnings in focus

European equities are expected to open in mixed territory Tuesday as markets keep an eye on the ongoing Greece bailout drama and earnings from banking giants HSBC and UBS.

Greek Deputy Prime Minister, Yannis Dragasakis, will meet European Central Bank (ECB) President, Mario Draghi, in Frankfurt on Tuesday, a Greek government official told Reuters Monday. Also of interest to markets will be talks between French Finance Minister, Michel Sapin, and Greek Finance Minister, Yanis Varoufakis, Tuesday morning.

The meetings come amid ongoing technical talks between Greece and the bodies overseeing its bailout program - the European Commission, the ECB and the International Monetary Fund (IMF) - over reforms and more bailout aid.

In U.K. election news, Finance Minister, George Osborne, told the FT Monday that Britain would face "fallout Friday" if Labour wins Thursday's general election with Scottish Nationalist support, claiming that investment and business confidence would drain away.

On the earnings front, results are due from HSBC, Adidas, Deutsche Lufthansa and Glencore.

Swiss banking giant UBS on Tuesday reported an 88 percent hike in net profit for its first quarter to 1.98 billion Swiss francs ($2.12 billion).

Data releases due include Spanish unemployment, French budget data and European Commission economic growth forecasts.

Meanwhile in Asia overnight, equities slipped into negative territory following the Reserve Bank of Australia's (RBA) rate decision. The country's central bank decided to cut interest rates for the second time this year, taking the benchmark lending rate to a new record low of 2 percent.