U.S. manufacturing optimism dropped in October vs. September, and was below economists’ expectations. The issues appear largely domestic though, with export expectations narrowing only to 56.5% (over 50% represents expansion) from 57.0% a month earlier. The import outlook was unchanged, and lagged exports for a third month suggesting a turnaround in the deficit (to begin falling) may be possible. Globally the small decline in export sentiment was also seen in China, though that may be due to temporary effects, hinting at the prospect of slowing trade growth. Exporters in Germany remai...