US September manufacturing output +0.3% m/m, matching forecast

The rebound matters less for its size than for what it says about the sector's trajectory: a single month's swing from contraction back to modest growth is consistent with stabilisation rather than a genuine reacceleration. For crypto and RWA markets, the read-through is indirect, since manufacturing data feeds into the broader risk appetite that digital assets tend to track. Whether the print translates into sustained industrial momentum or proves another one-month bounce is the open question.