After the last significant price increase the day before, the Dax started trading weaker on Thursday.
The leading German index initially lost one percent in value.
Shortly thereafter, the price losses increased more significantly, and the Dax later fell by 1.8 percent to 13,598 points.
The German secondary stocks in the M-Dax lost a little less by 0.8 percent to 29,812 points.
The Euro Stoxx 50 fell by 1.7 percent to 3704 points.
On Wednesday, the Dax had gained almost eight percent because investors speculated on a ceasefire between Russia and Ukraine.
In the US, the Dow Jones had lost 2 percent to 33,286 points.
Some analysts were now anticipating a "bear market rally".
The market-wide S&P 500 had lost 2.6 percent to 4278 points.
Investors therefore eagerly awaited the results of the meeting of the foreign ministers of Russia and Ukraine in Antalya on Thursday.
"The hope for peace is alive," said Thomas Altmann from QC Partners: "Since Ukraine has declared an increased willingness to talk and compromise, the chances of peace have increased a little."
In addition to Ukraine, the focus is also on the ECB.
The currency guardians have to stake out their interest rate course and are confronted with new dangers for the economy in the euro area due to the military conflict.
The war between Russia and Ukraine is also fueling inflation as oil and gas prices have soared in the wake of the conflict.
The shares of Delivery Hero, which lost more than 2 percent after the significant gains on the previous day, were among the biggest losers in the Dax.
After the significant gains on the previous day and the publication of some analyst comments, the shares of Adidas were also under pressure with a minus of a good 2 percent.
In the MDax, Hugo Boss fell by 4.5 percent this year despite the record sales it was aiming for.