The latest IFO survey for January shows a net 12% of German managers expect higher export orders compared to 8% a month earlier. The change was driven by automotive managers, with a net 7% expecting growth vs. a negative 11% a month earlier – the first positive reading since June. That may turn once more on President Trump’s recent comments about border taxes, including a mention of BMW. Nonetheless, the improved sentiment is similar to that seen in the U.K. and France, and follows a 12% rise in seaborne exports to the U.S. in December.