German industrial output falls 1.6% y/y in July

The deepening contraction in German industrial output signals that manufacturing weakness is not just a cyclical dip but a structural drag on Europe's core economy. For crypto/RWA markets, this matters because it reinforces a macro backdrop where European growth is lagging, potentially influencing central bank policy paths and risk appetite across asset classes. The key question is whether this slowdown spreads to services or prompts a more pronounced policy response from the ECB. Watch whether upcoming data confirms a broad-based industrial recession or shows signs of stabilization in export orders.