The cumulative value of deals announced in 2026 has already reached $211bn, surpassing any full year since 2018. Meanwhile, activity in the first seven months of the year is approximately 80 per cent higher than that recorded in the same period of 2025. The cumulative volume of deals announced in 2026 has already reached $211bn, surpassing any full year since 2018. Meanwhile, activity in the first seven months of the year is approximately 80 per cent higher than that recorded in the same period of 2025. According to derivatives strategists, this recovery is increasingly being driven by large-scale deals, including Intesa Sanpaolo’s bid for Banca Monte dei Paschi di Siena, valued at $35bn – the largest M&A transaction in Europe since 2018.