European export confidence fell again in April after the German IFO survey saw a drop to 1.1% of respondents expecting higher exports from 1.5% a month before. That was the worst result since Oct. 2012 and came despite a delay to Brexit. It may reflect worries about the forthcoming U.S. section 232 review of the automotive industry and poor state of trade relations with the U.S. more broadly. European exports contracted 2.5% year over year in February in dollar terms with a small increase of 0.9% in volume terms according to CPB data.