Summary: ifo business climate index down again in September, below expected figure; German companies’ business “clearly worse”, economy “slipping into recession”; current conditions index, expectations index both down again; expectations index implies euro-zone GDP contraction of 9.8% in year to December. 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...