In this week's summary of ratings views: We expect the U.S. and European speculative-grade corporate default rates to decline modestly over the next 12 months. Global supply chains are shifting, although the change may be exaggerated. Tech hardware firms are entering the more difficult phase of their shift from China. A rising yen and volatile equity markets bring uncertainty to Japanese corporates. Offshore wind will likely rise to become a key contributor to decarbonization goals set by China and others in Asia-Pacific.