German DAX Falls 0.79% to 25,374.93 in Preliminary Close; European Indexes Lower

The dispersion matters more than the direction: Germany's decline is roughly eight times Italy's, while Italy's bank index barely moved, suggesting this is not a uniform risk-off move but one concentrated in German large caps. That Italy's banks held steady while the region's largest market sold off is the notable divergence. Whether that gap persists or Italian financials catch down to the rest of Europe is the open question to watch.