The INSEE survey of the French business outlook increased to 106 from 103 in December, indicating the fastest rate of expansion in over five years and above economists’ expectations. Export order expectations are still negative, but improved to a net 9% of managers expecting a contraction from 11%. While this may only reflect recent export increases – Panjiva data shows a 4% increase in U.S.-bound shipments in November – it does nonetheless compare to Japanese and American managers becoming less optimistic recently.