Summary: ifo business climate index down again in August, above expected figure; German mood “bleak”, economy expected to shrink in third quarter; current conditions index, expectations index both down; sentiment unlikely to change given energy shortage; expectations index implies euro-zone GDP contraction of 7.3% in year to November. 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...