Chinese export order expectations fell into negative territory in January for the first time since October 2016. The 49.5% reading (over 50% is expansionary) compares to 51.9% a month earlier and came despite an 11% surge in exports in December. The drop in confidence may be driven in part by concerns that the U.S. may act on its prior protectionist rhetoric. The outlook for supplier nations – including South Korea (10% of the total), Japan, Taiwan and the U.S. (all 9%) – is still upbeat though as import order expectations remain positive.