Germany's manufacturing sector wrapped up 2025 on shaky ground. The latest PMI reading confirms what many suspected—the downturn is accelerating, not stabilizing. When Europe's industrial engine sputters like this, ripple effects hit harder than most people realize. Manufacturing weakness typically signals broader economic stress: delayed capex, tightening credit conditions, and reduced risk appetite. For those tracking macro cycles and their impact on asset markets, this kind of data point matters. It's the kind of signal that precedes shifts in central bank policy and investor sentiment across multiple asset classes.