Summary: ifo business climate index down in June, slightly above expected figure; current conditions index, expectations index both down; rising energy prices, threat of gas shortages “of great concern”; expectations index implies euro-zone GDP contraction of 4.6% in year to September 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 index...