Summary: ifo business climate index declines 1.2 points to 97.7 in October, slightly below expected figure; expectations, current conditions indices both down; business sentiment “clouded over”; supply problems continue, falling capacity utilisation rates; expectations index implies euro-zone GDP contraction of 0.2% in year to January 2022. Following a recession in 2009/2010, the ifo Institute’s business climate index largely ignored the European debt-crisis of 2010-2012, remaining at average-to-elevated levels through to...