After the rapid rise in prices the day before, investors lost heart on Thursday.

The leading German index initially lost one percent in value at the start of trading.

However, the losses widened during trading as the news situation deteriorated.

The Dax fell in the afternoon by 3.4 percent to 13,363 points.

The German secondary stocks in the M-Dax lost about 2.2 percent to 29,377 points.

The Euro Stoxx 50 fell 3.6 percent to 3630 points.

On Wednesday, the Dax had gained almost 8 percent because investors had speculated on a ceasefire between Russia and Ukraine.

In the US, the Dow Jones had gained 2 percent to 33,286 points.

Some analysts have already warned of a "bear market rally".

The market-wide S&P 500 had increased 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.

Disappointment was then caused by the fact that during the talks with Russian Foreign Minister Sergey Lavrov, according to Ukrainian Foreign Minister Dmytro Kuleba, there was no progress towards a ceasefire.

However, there was some hope that both the Russian and the Ukrainian side were willing to continue talks.

"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 was also on the ECB.

The currency watchdogs had to set their interest rates 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.

After the ECB announced in the afternoon that it would leave the key interest rate in the euro area at zero percent for the time being, but then gradually raise it, the price losses intensified.

One of the biggest losers in the Dax was Delivery Hero shares, which lost 6 percent after the significant gains the previous day.

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 5 percent.

In the MDax, Hugo Boss fell by around 8 percent this year despite the record sales it was aiming for.