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The gas situation in Europe remains favorable thanks to contained demand and stable supply, resulting in gas prices at pre-war levels. We expect no gas shortages in the coming winter, although additional measures will be necessary to have a sustainable gas balance.
The European economy is slowly entering a long-overdue recession, expected almost since the war in Ukraine began, which may finally be taking place in the last months of the year. It is expected to be moderate and linked to factors that will take us back to more traditional economic cycles.
