Rallied by a resurgent asset market in May and June deal count was up by nearly a third year on year albeit still well down on the five year average. Spend of US$41 billion was well down on H1 2015 but up by more than half when excluding Shell BG. Asset deal activity was strong though corporate deals fell to a multi year low. The period finished with June delivering the highest deal count since July 2014. But a note of caution is required: twelve months ago in our H1 2015 review we discussed the same optimism that appeared to be returning to the market. But the oil price slid confidence evaporated and M&A activity growth faltered.