German managers’ export expectations reached their most optimistic since January 2014 in February, according to IFO. That would suggest they are not concerned about protectionist rhetoric from the U.S. administration, and believe the hawkish tone expressed by Chancellor Merkel. The auto industry’s optimism supports this idea. The survey comes as French managers’ expectations improve and those in the U.K. fall, possibly reflecting Brexit negotiation views. Yet, the rising European optimism, and 15% gain in exports to the U.S. in January, may draw another round of criticism from the Trump ...