S&P Global Ratings analysts have published 39 midyear Industry Top Trends updates for Europe and North America. These one-page updates summarize our evolving views, focusing on what’s changed, what to look out for, and what a recession might mean. Key themes emerging include: Cost inflation and supply-chain disruption remain rife. Profit margins face pressure. Consumption patterns are already changing as cost-of-living pressures bite. Energy security has become a big theme, complicating the energy transition. Rebuilt balance sheets will soften the blow of a brief recession, but offer less protection against a prolonged one, given elevated debt levels and further financial market volatility likely to follow. A European recession triggered by gas supply restrictions could be particularly tough.