Global merger and acquisition activity fell 21.1% in the first half of 2022, including a 28% decline for U.S. targets, according to preliminary data from Refinitiv. Why it matters: Deal activity can be viewed as a proxy for business sentiment, and these numbers suggest pessimism. Big picture: The dollar drop-off between the first half of 2021 and the first half of 2022 is entirely attributed to corporate mergers, as global private equity activity actually rose by 3.3% (although the number of private equity deals fell precipitously).