Eurozone July construction output falls 2% year-on-year

The deepening year-on-year decline matters less as a single-month miss than as a sign that the deterioration is broadening rather than stabilizing. Construction is a labour-intensive, credit-sensitive sector, so persistent weakness feeds through to employment and to demand for the tokenized real-estate and infrastructure exposure that RWA platforms have been pitching. The open question is whether this reflects a one-off working-day distortion or a genuine trend; the revision to June suggests the underlying picture was already softer than first reported.