German managers’ export expectations dropped for the first time in five months in April, driven by a slump in sentiment in the autos sector. The proportion of managers there seeing export orders above normal vs. below fell to 2% from 9% a month earlier. That may reflect concerns about a U.S. border-adjustable tax as well as a drop in shipments the previous month. By contrast chemicals industry managers became the most optimistic since November 2010. The reduced sentiment broadly reflects that seen in the U.K., though French managers became more positive. That divergence may widen as all ...