Industrial profits just took a hit—down 13.1% year-over-year in November, marking the steepest decline in over a year. The previous month wasn't much better with a 5.5% drop, the worst performance in 14 months. What's driving this? A combination of overcapacity crushing margins and weak consumer confidence across the board. When traditional industrial economies struggle, it typically reshapes risk appetite and capital flows. Worth monitoring closely if you're thinking about broader market positioning.