The outlook for global trade still remains negative according to the latest business surveys in Europe and China, though nonetheless improved from a month earlier. The latest IFO survey for Germany shows an export order reading of -2.3 for June from -26.7 in May and -50.7 a month earlier (below zero indicates contraction is expected). That’s been entirely driven by the autos and pharmaceuticals sectors with IFO noting “other sectors do not yet expect any export growth”. The INSEE survey for French export orders also remained deeply negative. In China meanwhile export...