German managers’ export optimism hit the highest since February 2011 in July following a fourth straight improvement in sentiment. The fastest rate of improvement has been in autos, where a net 35% of managers see growth from -10% in December. That would suggest fears of the Trump administration applying tariffs have subsided. A similar pattern was seen in the metals industry, indicating hopes that the U.S. steel review will leave German steelmakers untouched. The improving sentiment in Germany matches the multi-year highs seen in France and the U.K. – a sign European export growth shoul...