The improvement in French managers’ expectations for exports paused in May after a run of increased optimism going back to November. The latest INSEE survey gave a reading of -2% vs. -1% a month earlier (ie a small net balance seeing exports falling) and a long term average of -14%. That follows export growth of 9% in March, which may reverse in April. The gain in March included a temporary cross-border inventory effect at Airbus. Shipments to the U.S. by sea in April increased 9%, Panjiva data shows, though exports to China fell 10%.