European markets slightly higher in mixed early trade; Ocado up 7.5%

This is CNBC's live blog covering European markets. Check below for updates.

European markets turned slightly higher in mixed morning trade following a quiet previous session.

The pan-European Stoxx 600 index was up 0.05% in early deals, with sectors trading in mixed territory. Travel and leisure stocks fell 1.15% while autos rose 0.65%.

Tuesday's session is light on the corporate earnings front. Wholesale price data is due out of Germany.

Investors are continuing to weigh the prospects of a June rate cut by the European Central Bank after two key policymakers threw their weight behind the prospect on Monday.

"Thanks to this disinflationary process, inflation is converging to our 2% target in a sustained way, and the time is thus ripe in June to ease the monetary policy stance and start cutting rates," ECB Governing Council Member Olli Rehn said in a speech.

Meanwhile, the ECB's Chief Economist Philip Lane said in an interview with the Financial Times, "Barring major surprises, at this point in time there is enough in what we see to remove the top level of restriction."

The comments add to speculation that the ECB may move ahead of the Federal Reserve, which has grown more cautious in its assessment of the path for inflation.

U.S. stock futures advanced Monday night as momentum returned after markets were closed Monday for Memorial Day. Meanwhile, in Asia-Pacific, markets were mixed as investors considered the outlook for global interest rates.

Shares of online food retailer Ocado jumped to the top of the Stoxx 600, rising 7.2%, after announcing last week that it had struck a deal with Turkish delivery business Getir to access its former U.K. customers.

On the other end, Swiss insurance firm Helvetia fell 4.7%, with the