There’s a two-speed Europe when it comes to trade. German managers, based on the most recent IFO sentiment survey, became more optimistic about growth in exports in September. This was led by improving, but still negative, sentiment in autos. The survey reading overall reached its highest since December. British and French managers, by contrast, have become more negative. Panjiva data shows exports from the three countries to the U.S. increased 16% on a year earlier in August to their highest since mid-2007.