The US market for mergers and acquisitions has been powering ahead during the first six months of the year. Europe, by contrast, appears to have seized up.

Europe-targeted M&A volumes finished the first half down 7% on the previous year, at $332.9bn, the lowest half-year total since the beginning of 2009. On an annualised basis, M&A volumes for the region for full year 2013 are set to finish up at $665.8bn, down around 18% from $811.5bn for last year.