German business morale deteriorated in April, a survey showed on Wednesday, bucking expectations for a small rise and suggesting Europe’s largest economy is losing momentum as trade tensions hamper its exporters. The Munich-based Ifo economic institute said its business climate index fell to 99.2 from an upwardly revised 99.7 in the previous month. The April reading compared with a consensus forecast for 99.9. “The German economy continues to lose steam,” Ifo President Clemens Fuest said in a statement. (full story)