November's economic indicators from the world's second-largest economy paint a concerning picture. Manufacturing activity contracted once more, while the services sector showed signs of cooling off. These dual headwinds highlight ongoing challenges in domestic demand recovery. For global markets—including crypto—such macro shifts matter. Weakening economic momentum in major economies often triggers risk-off sentiment, potentially impacting capital flows across asset classes. Investors monitoring economic cycles should keep tabs on these manufacturing and services trends as they unfold.