The DAX 40 ended Wednesday’s volatile session about 0.2% higher at 25,040, building on the previous day’s gains and outperforming other major European indices. Defense stocks led the advance, with Rheinmetall climbing 6.1% after reports that Germany intends to partner with the United States to expand domestic weapons production. Renk (+4.7%) and Hensoldt (+4.4%) also posted strong gains. Among the other notable outperformers were SAP (+5.2%), Scout24 (+3.7%), and Fresenius SE & Co (+2.7%). On the downside, Infineon Technologies (-4.2%), Siemens (-2.6%), and Hochtief (-2.4%) underperformed. Speaking at the ECB’s Sintra Forum, ECB President Christine Lagarde said that risks to both inflation and growth in the euro area have become less pronounced, while Fed Chair Kevin Warsh pointed to diminishing inflation risks in the United States.