August was the fourth month in a row to deliver fewer completed deals -- and the fifth month in a row to generate lower deal value -- than the same month the previous year. After eight months, 2015 delivered 1,489 closed middle-market deals, compared with 1,584 for the same period in 2014. And on Mergers & Acquisitions’ own monthly surveys, overall deal flow in August hit its lowest point since February. (See Middle Market Momentum Stalled in August.) To those hoping to blame the pause on seasonal factors, let me point out that July was one of the strongest months...

The last time commodity prices tumbled, in 2008, Chinese buyers snapped up iron-ore pits, coal mines and other natural resources at knockdown prices....