Summary: ifo business climate index falls in May, below expected figure; German firms “sceptical” about upcoming summer; current conditions index, expectations index both down; expectations index implies euro-zone GDP contraction of 1.3% in year to August. Following recessions in euro-zone economies 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...