European STOXX 600 Falls 0.53% to 635.72 in Preliminary Close

The divergence is the story: the blue-chip STOXX 50 fell more than twice as hard as the broader STOXX 600, pointing to weakness concentrated in large caps rather than a uniform risk-off move. Energy names bucking the trend with record highs suggests the selling is rotational, not broad-based. Whether that defensive leadership holds if the large-cap slide continues is the open question.