Before the key interest rate decision by the US Federal Reserve, the Dax continued its recent recovery with moderate gains on Wednesday. The leading index was 0.16 percent higher in the morning at 15,219.71 points.

The MDax of medium-sized stocks, on the other hand, posted a minus of 0.39 percent to 26,914.28 points. At the same time, the leading eurozone index, the EuroStoxx 50, was almost unchanged at minus 0.03 percent to 4180.25 points.

After the banking turmoil, the emergency takeover of Credit Suisse by UBS had recently acted as a balm, as had the US government’s promise to mobilize further aid for ailing banks in the country if necessary. But now all eyes are on the Fed.

The central bank will announce its interest rate decision in the evening. A few weeks ago, Fed Chairman Jerome Powell had signaled a tougher rate hike because of inflation, but in view of the latest bank turbulence, nobody on the market is now expecting it. Instead, a smaller interest rate step is considered the more likely scenario, and some observers even consider an interest rate pause to be possible.

On the company side, it was mainly analyst studies that moved. Shares in the chemical companies BASF and Covestro were in demand as Dax favorites with premiums of well over one percent each. On the other hand, real estate companies, which are burdened by high interest rates, were once again the focus of negative attention. Vonovia shares ended up at the end of the Dax with a minus of more than four percent and marked another low since 2014.

Papers from the forklift truck group Kion, on the other hand, rose by more than two percent in the wake of a buy recommendation from Deutsche Bank at the top of the MDax. Varta shares, at the top of the SDax, recovered by 1.7 percent after collapsing on the previous two trading days following the announcement of a capital increase. The measure, signed solely by the major shareholder, is now complete, and the flagging battery manufacturer has raised around 51 million euros in fresh capital.

On the other hand, investors were not impressed by a surprisingly announced change of boss at the software provider Suse, the papers fell by one percent.