The DAX 40 held on to its early gains, trading near the record level of 26,520 on Friday afternoon, led by autos, while traders assessed Fed Chair Warsh's speech at the Jackson Hole Economic Symposium. Warsh struck a "hawkish" tone, stressing that inflation must move toward the 2% target at a sufficient pace. While he did not signal a rate hike, his remarks suggested tighter policy could be warranted if disinflation fails to accelerate. Auto stocks continued their strong upward trend ahead of the weekend. BMW shares led the index, gaining 3.8% and benefiting from a more positive outlook from Citigroup.