Key points:

• Boardroom confidence has dipped due to macro uncertainty, but corporates are still poised for M&A action.
• 2022 activity has dropped below the highs of 2021, but remains strong compared to pre-pandemic levels.
• Slower economic growth, geopolitics and company actions to diversify supply chains are key factors feeding a trend toward more domestic M&A activity.
• Higher interest rates require a financing reset, but many corporates are armed with strong balance sheets.