French and British optimism about exports remained at multi-year highs in July. The French INSEE survey of managers remained at its 2011 high, likely reflecting the pro-business outlook of President Macron and following a 7% jump in exports in June. British managers meanwhile increased their outlook to a net 28% of respondents seeing an expansion. That was the highest in four decades according to the CBI. The brighter outlook came despite a marked slowdown in current order-books, and likely assumes a relatively “soft” Brexit.