Can the global M&A upswing continue? The last five years has seen a record global M&A boom, with over USD 20 tn-worth of agreements signed as a result of over 250k transactions, this Financial Times video shows (watch, runtime: 02:12). But how long can it last and what might bring it to an end? Big picture reasons for the proliferation of M&A include low interest rates — which allow for cheaper borrowing — rising stock prices, and economic growth that hasn’t necessarily translated into earnings growth. A stable geopolitical backdrop also helps, but considering M&A volumes have withstood the chaos of Brexit, Donald Trump and the US-China trade war, it by no means seems a prerequisite. But one global development that could be enough to bring the spate of M&A agreements to an end? A recession, and the ensuing collapse in valuations, the video says.