European Stocks Close Lower; Germany’s DAX Slips 0.17%

The absence of a US session reference leaves this a purely European risk-off read, with the UK underperforming the DAX despite Germany's larger export exposure. The standout is Italian banks, whose 1.17% decline outpaced their national index by roughly fourfold, a divergence that points to sector-specific pressure rather than broad macro selling. Whether that bank weakness is a one-day position adjustment or the start of a wider European financials repricing is the open question.