A quick note on Q3 M&A activity: 

In Q3 2023, the global M&A market experienced a significant decline, with only 8,775 deals announced worldwide. This represents a 28.3% decrease compared to the same period in the previous year. Notably, it marked the first time since the pandemic that the number of global M&A announcements fell below 10,000.

During the same quarter, the global IPO and equity issuance activity also encountered challenges. Global IPOs saw a year-on-year decrease of 25.8%, with the total value amounting to $33.80 billion. Additionally, global equity issuance declined. 

These declines are attributed to economic uncertainty, prolonged higher interest rates, and geopolitical unrest, particularly exemplified by the Israel-Hamas conflict, which have collectively made transactions in the financial markets more complex.