DAX Ends Up 1.20% at 25,105.20, Down About 0.5% for the Week

The rebound is broad rather than sector-led, with Italy's banks among the stronger movers, which suggests the pullback earlier in the week was treated as a positioning event rather than a change in the macro backdrop. The fact that a solid single-day gain still leaves the DAX down on the week is the more telling detail: buyers returned, but not enough to repair the damage. Whether European equities can string together consecutive up days, or whether this is another one-day bounce within a softer trend, is the open question.