FORTUNE — Merger and acquisition activity declined in January, in a worrisome sign for those who are expecting a banner 2013 for deal-making. But most of the troubles were outside of the U.S.
Thomson Reuters data shows $119 billion in global M&A announcements for last month, which was down 6% from January 2012. Included in that figure was $11.9 billion in global private equity activity (23% decline).
One of January’s few bright spots was stateside, with $49.9 billion in announced U.S. mergers and acquisitions — representing a 2% increase over the year-earlier period. U.S. private equity also shined, with a 71% jump to $7.9 billion. If Dell (DELL) gets announced Monday, then February also would be a guaranteed increase.
African, BRIC and Middle Eastern M&A also rose in January — although the overall dollar numbers were meager — while both Europe and non-Japan Asia saw declines (-8% and -4%, respectively).
Barclays (BCS) was the month’s leading M&A advisor, followed by Citi (C) and Goldman Sachs (GS). Below is the rest of the league table:
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