German managers’ export optimism hit its highest since April 2011 in IFO’s latest survey. That was driven by automakers, where 30% of respondents saw export order-books above normal vs. 1% in April. Metals industry managers remained positive for the 16th straight month. Both suggest that optimism about forthcoming trade deals with Mexico and Japan is outweighing worries about U.S. protectionism and Brexit. The survey matches similar results in the U.K. (optimism at 1995 highs) and France (near 2011 highs).