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Russia cuts gas supplies, signs of slowdown mount

The news that Russia's Gazprom has cut gas exports to Europe further this week has increased the likelihood of recessions in many countries at a time that economic activity more broadly is already weakening. Indeed, the latest surveys out this week point to a sharp slowdown in CEE. With inflation likely to reach a peak soon, we think central banks will bring their tightening cycles to an end in the coming months – and possibly as soon as next week in Czechia.
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