German business morale deteriorated more than expected in May due mainly to a plunge in services sector confidence, a survey showed, suggesting that Europe’s largest economy is losing steam after solid growth at the start of the year. The Ifo institute said on Thursday its closely-watched business climate index fell to 97.9 from a confirmed 99.2 in the previous month. The May reading compared with a consensus forecast for 99.1. ADVERTISEMENT “The German economy is still lacking in momentum,” Ifo President Clemens Fuest said, adding that a fall in managers’ assessment of current business conditions was the main reason ... (full story)