Markets are making modest moves early in the European trading session.
England's FTSE 100 is down 0.3%.
France's CAC 40 is down 0.1%.
Germany's DAX is down 0.5%.
Spain's IBEX is up 0.1%.
Italy's FTS MIB is down 0.4%.
Earlier this morning, we learned that business confidence as measured by the Ifo index, tick up for a third straight month.