DAX pushing higher into year-end; cautious optimism?

It's been interesting to watch the DAX this past week, really showing some resilience. We've seen a pretty consistent push, despite some lingering inflation concerns across the Eurozone. I'm not seeing the exuberance of early last year, but there's a definite sense that institutions are rotating back into European equities, perhaps seeking value after the US rally ran so hot. My read is that while the short-term momentum looks good, especially with the holiday liquidity, we should still be keeping a close eye on the ECB's rhetoric going into Q1. Are we seeing a genuine fundamental shift, or just a tactical year-end move? What are others seeing in the volume, particularly on some of the bigger caps like $SIE or $SAP?