Export expectations in Europe are diverging. German businesses became their most optimistic since April after the IFO survey reached a net 14.4% after auto industry exporters took heart from the rapprochement on tariffs reached by President Trump and President Juncker. French managers meanwhile may be expecting a renewed deterioration in relations – perfectly possible if progress isn’t made swiftly – as well as keeping an eye on slow Brexit negotiations. As a result INSEE’s survey showed sentiment at its weakest since March 2017 when elections loomed.