Summary: ifo business climate index down in July, below expected figure; expectations, current conditions indices both down; companies “significantly less optimistic”, supply bottlenecks, infection numbers weighing; business climate index “still close to early 2019 levels”; expectations index implies 2.6% growth in year-to-October. Following a recession in 2009/2010, the ifo Institute’s business climate index largely ignored the European debt-crisis of 2010-2012, remaining at average-to-elevated levels through to early-2020. However, the...