The equity capital markets have finished 2015 with a bang, with Europe helping to drive a turnaround that has seen global activity since the start of October outstrip the third quarter by 32%.

ECM activity in Europe, the Middle East and Africa has increased by more than half from below $40 billion in the third quarter to beyond $60 billion in the fourth quarter. Activity also outstripped the pace of dealflow in the final three months of 2014, according to preliminary 2015 Dealogic figures published on December 17.