Russia's manufacturing sector just hit the brakes hard. Factory activity contracted at the steepest rate we've seen since March 2022, according to the latest PMI readings. This kind of industrial slowdown matters—not just for traditional economics, but because macro headwinds like this often ripple through asset markets. When major economies show contraction signals, it typically signals wider economic stress and shifts in capital allocation patterns. Worth watching as part of the broader macro picture investors factor into their positioning.