European business sentiment towards trade improved in May but is still deeply negative. The IFO survey of German business showed a net 26.9% of respondents expecting lower exports compared to 50.2% a month earlier while the INSEE survey in France showed export expectations still at the lows of the prior month. Initial figures from 17 countries outside Europe shows trade has likely continued to lag in April with an average decline in exports of 6.7% year over year. The latter was driven by lower shipments from India and South Korea which offset improved exports from China.