China September Aggregate Financing Rebounds to 3.55 Trillion Yuan

The rebound in China's aggregate financing and new yuan loans suggests credit demand may be stabilizing after a weak prior month, but the composition—whether driven by households or corporates—remains unclear. Meanwhile, hotter-than-expected US CPI is reviving rate-hike bets, a dynamic that could pressure risk assets globally, including crypto. ASML's strong results and raised outlook offer a counterpoint on tech capex, but the macro tug-of-war between Chinese credit and US inflation is what matters for RWA and digital asset sentiment. Whether the credit rebound persists and whether the Fed follows through on October hike expectations are the open questions.