Summary: ifo business climate index up in November, above expected figure; “recession could prove less severe” than previously expected; current conditions index down, expectations index up; expectations index implies euro-zone GDP contraction of 4.9% in year to February. 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 was quick to react...