Headwinds Outweighing Tailwinds In Dealmaking

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What defining characteristic constrained deal activity in the first half? In our view: a deteriorating macroeconomic backdrop. And going forward, although a number of economic fundamentals suggest that M&A activity could well gather traction in H210, caution remains the order of the day. So long as global headwinds continue to outweigh M&A tailwinds, a return to the golden era of dealmaking remains a long way off.