Greece in spotlight for markets as Eurogroup meets

European equities are expected to open higher Wednesday ahead of the meeting of Eurogroup of finance ministers in Brussels to discuss a solution to Greece's soon-to-end bailout program.

Greece's Finance Minister Yanis Varoufakis is due to meet with other finance ministers of the euro zone on Wednesday and is expected to unveil new reform proposals to make up for the ones that the new Greek government wants to scrap. He is also expected to ask for a "bridge program" to cover the government's funding needs while a new debt pact is agreed.

Wednesday's meeting will also address a reduction of Greece's primary surplus and a humanitarian aid plan to help Greeks.

Rumors of a possible deal between Greece and its international creditors pushed European stocks higher Tuesday, until comments by German Finance Minister Wolfgang Scheuble reiterated there would be no negotiating of a new program.

As the conflict in east Ukraine between pro-Russian rebels and the Ukraine military continues, Russian President Vladimir Putin and U.S. President Barack Obama highlighted in a phone call on Tuesday the need for a political solution to the "internal" conflict to end the bloodshed there, the Kremlin said in a statement, Reuters reported.

Meanwhile in Asia, markets traded mixed on Wednesday, as a drop in oil prices and a mixed reaction to a slew of earnings in Sydney offset a positive lead from Wall Street.

Brent crude and WTI prices slipped on Tuesday after the International Energy Agency (IEA) warned that oil prices may decline as oil stocks held by countries in the Organization for Economic Cooperation and Development continue to increase.