Global M&A entered the final quarter of 2026 with an unusual combination of strength and selectivity. LSEG data reported by Reuters shows global M&A reached approximately $3.9 trillion during the first nine months of 2026, 28% above the comparable period in 2025. Yet third-quarter activity fell to $993 billion, 41% below the second quarter, illustrating how quickly financing costs, inflation expectations and market volatility can affect transaction timing.