European Stocks Open Lower; Stoxx 50 Falls 1%

The dispersion matters more than the headline: the euro-area benchmark fell a full percentage point while the FTSE 100 opened flat, a gap that points to currency and index-composition effects rather than a uniform risk-off move. Germany's larger decline relative to France suggests the selling is concentrated in export-sensitive, cyclical names. Whether that regional and sector split widens or converges through the session is the open question.