German exports increased 2% in October on a seasonally adjusted basis, though the trade surplus was slightly below economists’ expectations. Panjiva data suggests the weakness came from European exports as U.S.-bound shipments increased by 7% and those to China by 4%. Industry sentiment about future exports has declined, particularly in the electronics sector (now at the lowest since January 2013) and in autos (now expecting a decline). A drop in auto exports has yet to be seen in physical shipments with U.S. exports up 20% in November – when the reversal comes it may be sudden....