Dax investors dared to return to the stock market on Wednesday.
Shortly after the opening, the leading German index rose by 3.5 percent to 13,298 points.
Later, the Dax was even up 4.9 percent.
The M-Dax for German medium-sized stocks also jumped by 4.9 percent to 29,551 points in the morning.
The Euro Stoxx 50 for the euro area increased by 4.8 percent to 3674 points.
"The prospect of a ceasefire in Ukraine is providing some confidence among investors, but confidence in the sustainability of yesterday's price gains remains very low given the circumstances and aftermath of the war," said Jochen Stanzl, chief market analyst at CMC Markets.
According to an agency report, Russia had promised a ceasefire for Wednesday and the opening of escape routes from Kyiv, Mariupol, Sumy, Kharkiv and Chernihiv.
However, fears of supply bottlenecks continued to drive up commodity prices.
The US import ban on Russian oil and gas drove the North Sea Brent by two percent to $ 130.49 a barrel.
Many companies expect losses as a result of the withdrawal from their Russian business.
However, some were able to convince with their figures: Deutsche Post raised the dividend significantly and wants to buy back more shares.
The papers rose by 8 percent.
Chemicals distributor Brenntag defied supply bottlenecks and achieved record results.
The papers rose by more than 5 percent.
Shares in the sporting goods manufacturer Adidas sprinted away from all other Dax values with an increase of around 9 percent.
"Despite pandemic-related difficulties and supply chain bottlenecks, adidas was able to meet, if not exceed, the majority of analysts' expectations," summarized the experts from Raiffeisen Research.