Summary: ifo business climate index up in April; above expected figure; current conditions, expectations indices both up; shock of Ukraine war wearing off; growth still subdued at start of Q2; expectations index implies euro-zone GDP contraction of 4.4% in year to July 2022. 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...