German managers’ export optimism in May reached the highest since January 2014 according to IFO. That was partly driven by an 11% growth in exports in March, and contrasts with a small drop in the outlook of French managers. Yet, both are likely feeling more positive after recent election results and the fact that Brexit “complications” won’t bite for another 22 months. The increased optimism has been led by electronics. Auto industry managers became more optimistic despite falling U.S. sales.