Slowly but surely, the markets are regaining their confidence.
The German share index Dax was therefore able to gain 0.8 percent to 15,629 points by the afternoon.
The M-Dax of the medium-sized stock market values has so far gained around 1 percent to 35 554 points.
The European benchmark index EuroStoxx 50 saw a similarly significant upward trend of 1.2 percent. The ailing Chinese real estate developer Evergrande, whose price rose by 19 percent during the night from Wednesday to Thursday, provided hope.
Previously, Evergrande's top overseer internally appealed to management to pay off wealth management products to investors and ensure the delivery of the properties it developed. But the crisis is not over yet. An $ 83.5 million interest payment on a dollar bond falls due on Thursday night. So far it is unclear whether the group, which is in debt with a total of $ 305 billion, can service the bond. He also has 30 days to pay the debt. Nevertheless, according to informed circles, the Chinese are preparing for the downfall of the crisis-ridden real estate company.
The Swiss National Bank also pointed out how great the risk is. "It is wrong to fall into alarmism here, but also wrong to simply ignore everything here and say it is a small local problem," said SNB President Thomas Jordan. “We have seen time and again that apparently small developments suddenly unsettle the financial markets and make major corrections. We will follow this very closely, as all the other central banks will do. ”Evergrande shows that unexpected disruptions can occur again and again, which then have greater effects, said Jordan. Accordingly, it is important that the players in the financial markets, such as banks, have an equity cushion at their disposal in order to be able to absorb losses and thus avoid domino effects.
The Fed meeting on Wednesday evening gave additional impetus.
Investors were impressed by the signals from Fed chief Jerome Powell, who had reiterated his commitment to curbing securities purchases.
He did not give details on the start or pace of the so-called tapering, but signaled an initial rate hike for 2022.
The fundamentals, however, do not bode well.
The upswing in the euro zone lost unexpectedly strong momentum in September.
The purchasing managers' index for the private sector - industry and service providers together - fell by 2.9 to 56.1 points.
This means that there are increasing signs that the economy in the euro area will not be able to maintain the high rate of growth in the final quarter.