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.