By Pamela Barbaglia and Anirban Sen LONDON/NEW YORK (Reuters) -Global dealmaking is entering an arid season as raging inflation and a stock market rout curb the appetite of many corporate boards to expand through acquisitions. Russia’s invasion of Ukraine in February and fears that an economic recession is looming dealt a blow to merger and acquisition (M&A) activity in the second quarter. The value of announced deals dropped 25.5% year-on-year to $1 trillion, according to Dealogic data. “Companies are standing back from M&A in the short term as they are more focused on the impact of a recessi…