US September S&P Global Manufacturing PMI Final Reads 55.9, Below 57 Estimate

The miss matters less than the direction: manufacturing is still expanding, just more slowly, so this reads as a cooling in momentum rather than a contraction signal. For crypto and RWA markets, the takeaway is indirect — a softer growth print can shift rate expectations, which is the channel that usually transmits into risk appetite. Whether this is a one-month wobble or the start of a broader deceleration is the open question, and the next data points on activity and prices will settle it.