Eurozone September Flash PMIs Miss Forecasts; Composite Falls to 51.7

The miss is concentrated in services, not manufacturing, which barely budged — so this is less a goods-cycle story than a services-confidence one. For crypto and RWA desks, the read-through runs through rate expectations rather than risk appetite directly: softer activity data is the kind of input that shifts the policy conversation, and that channel matters more than the PMI print itself. Whether services weakness persists into the next reading, or proves a one-month soft patch, is the open question.