German export managers became less positive in November, the most recent IFO survey shows, with a net 7% expecting improvements vs. 14% in October. Yet, exports to the U.S. continue to be strong, with a 13% increase in October according to Panjiva data. The institute blame the reduced optimism on the arrival of the new U.S. administration – shared with British managers – presumably due to lost opportunities from TTIP not proceeding.