Summary: ifo business climate index up 2.5 to 95.7 in January, above expected figure; expectations index up, current conditions index down; German economy starting new year with “glimmer of hope”; expectations index implies euro-zone GDP contraction of 1.5% in year to April 2022. Following a recession in 2009/2010, the ifo Institute’s business climate index largely ignored the European debt-crisis of 2010-2012, mostly posting average-to-elevated readings through to early-2020. However, the...