European markets set for mixed open amid Greece uncertainty

European markets are expected to have a mixed open Friday, amid uncertainty as Greece appeared closer to a deal on its debt, but Germany rejected its initial proposal.

In Brussels, the German and Greek finance ministers will meet Friday after a tense fortnight. On Thursday, Greece's Finance Minister Yanis Varoufakis submitted what looked like a compromise between its wish to renegotiate the repayment of its bailout debt, and Germany's wish to stick to the terms of its existing agreement. However, Germany rejected his submission as a "Trojan horse" designed to win more concessions than it wants to grant. The meeting will start at 2pm CET.

Asian markets were mixed Friday, in thin trading as much of the region is closed for the Lunar New Year holiday. Japan's Nikkei index continued its winning streak, and closed at a fresh 15-year high, after the yen weakened against the dollar in early trade.

Man Group, the world's largest listed hedge fund manager, is likely to continue its recent acquisition spree with a bid for the London asset manager NewSmith, according to the Financial Times.

Key economic data due Friday includes the Markit PMI numbers, due 9am GMT, and U.K. retail sales, due at 9.30am GMT.