Volatility Slows M&A Activity, but Cross-Border Appetite Holds: Survey

Deloitte’s mid-year M&A Trends Pulse Survey suggests dealmaking may be slowing amid ongoing volatility, but appetite for cross-border opportunities remains. Executives describe a more cautious environment, with macro uncertainty continuing to weigh on deal flow. Still, early 2026 data points to an opening for disciplined buyers—particularly in middle and smaller U.S. markets and through cross-border plays. Deloitte reports that about two-thirds of dealmakers (67%) expect the number of closed deals to rise in the next six months, while 69% anticipate higher aggregate deal value. The survey’s takeaway: volatility may delay some activity, but prepared acquirers can still create value through execution, risk management and long-term thinking.