European markets were mixed Tuesday as investors remained cautious with anticipation that the euro zone policymakers would soon come up with some measures to rejuvenate the faltering economy.

The French CAC 40 index rose 0.14 percent or 4.63 points to 3406.19. Shares of AXA SA advanced 0.81 percent and those of Total SA increased 0.35 percent.

London's FTSE 100 index was marginally down 0.08 percent or 4.56 points to 5804.21. Shares of BP PLC rose 1.24 percent and those of Evraz PLC were down 0.44 percent.

The German DAX 30 index marginally fell 0.03 percent or 2.42 points to 6916.30. Shares of Linde AG dropped 0.49 percent and shares of Siemens AG fell 0.42 percent.

Spain's IBEX 35 was up 1.27 percent or 89.50 points to 7143.10. Shares of Bankia SA advanced 2.73 percent and those of Repsol SA rose 1.72 percent.

Markets continued to find support from the potential policy action from the European Central Bank to lower peripheral bond yields. The ECB has said that relevant committees within the Bank would design the appropriate modalities for bond purchases in the coming weeks, suggesting that the whole thing could get the go-ahead in just a few weeks' time.

The euro touched its highest level against the dollar in over a month Monday, as the exchange rate temporarily climbed above $1.24. A reason for the bounce in the euro has been the reduced concern about the sovereign credit risk in Spain and Italy. The trigger for the decline in the cost of insuring against a default by the governments of Spain and Italy was ECB President Mario Draghi's pledge last month to do "whatever it takes" to save the euro.

The report that German Chancellor Angela Merkel's government lent its support to the ECB's bond buying plan had helped lift the market momentum. However, investor sensed that there was likely to be little news on the policy front over the coming weeks as Europe moves into the summer holiday mode.

"No news is perhaps good news, but market patience continues to run thin and the euro will eventually be punished should policy makers fail to deliver which has been so often the case," Credit Agricole said in a note.