Business optimism regarding exports in Europe fell for a second month in the February surveys by IFO in Germany and CBI in the U.K. The former dropped to its lowest since May 2017 (14.8% balance between export orders being above or below normal) due to a slump in sentiment in the auto industry (partly due to weak U.S. sales) and metals (forthcoming section 232 tariffs). The British survey fell to 10% from 19%. While the INSEE survey in France was unchanged at a 10 year high that may not be enough to prevent a slowdown in the export boom seen throughout 2017.
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