European business sentiment towards export orders is improving, but is still firmly negative. The latest IFO survey for Germany shows a net 2.1% of managers see lower orders from 2.7% a month earlier, though that’s still the second lowest result since 2012. There’s a similar pattern in France’s INSEE survey. The risks of a no-deal Brexit are likely to blame, though exports to the U.K. are already in decline with those from Germany having fallen by 26.2% year over year in June and those from France down 3.2%. European exporters also face policy risks in the U.S., particularly for the auto...