DAX closes up 0.36% at 25,388.73; UK index gains 1.18%

The divergence is the story: UK and French indices outperformed while Italy's bank index fell sharply, suggesting idiosyncratic stress in Italian financials rather than a broad European risk-off move. That split matters for RWA and tokenized-equity narratives that lean on European benchmarks as collateral or reference pricing, since a single-country bank selloff can widen spreads even when headline indices look calm. Whether Italy's bank weakness stays contained, or starts dragging on the wider European complex, is the open question to watch.