Summary: ifo business climate index declines in July, slightly less than expected; “German economy is stuck in crisis”; current conditions, expectations indices both down; German, French yields fall; expectations index implies euro-zone GDP contraction of 0.7% in year to October. 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...