Global M&A activity has stalled: Global M&A monthly deal count just dropped below 1,250 for the first time on record. This is even lower than during the 2020 pandemic and the 2008 Financial Crisis. The decline was driven by rising economic uncertainty, including trade tariffs and geopolitical tensions. At the same time, interest rates remain elevated, particularly in the US, which has made deal financing more expensive, further dampening activity. Uncertainty has stalled many components of global markets.