FRANKFURT (dpa-AFX) - Investors on the German stock market regained some courage on Wednesday. The leading index Dax rose by 0.66 percent to 17,469.36 points. By the previous day, the initial panic from the beginning of the week following the severe turbulence triggered by recession worries in the USA had already subsided and tempers had calmed. However, it was still not enough for a real recovery.

The MDax of medium-sized companies gained 0.23% to 24,134.38 points at midweek. The Eurozone's leading index, the EuroStoxx 50, rose by 0.88%.

From Japan, where the leading index Nikkei-225 had fallen by more than twelve percent on Monday in the wake of the rising yen and fears of interest rate hikes, the central bank sent out reassuring signals. It said that it would not raise interest rates if the market proved unstable. This was enough to give share prices in Tokyo a further significant boost.

Meanwhile, the lack of news from the Middle East is good news, wrote Jürgen Molnar, capital market strategist at trading house Robomarkets. Nevertheless, an attack by Iran on Israel remains a risk that is likely to continue to deter many investors from making significant purchases at the supposedly cheaper prices.

Meanwhile, the corporate reporting season continues to run at full speed. Pharmaceutical researcher Evotec shocked investors with a significant reduction in its annual targets. The new expectations for turnover and profit are clearly below experts' forecasts. The shares slumped by more than a third at the end of the MDax and plummeted to the 2016 level.

"Why did it take until August to lower the outlook so much," said analyst Charles Weston from the Canadian bank RBC, looking at Evotec. The already tarnished credibility of the management after multiple cuts is being further damaged.

After a mixed quarter, sporting goods manufacturer Puma is taking a more cautious view of the year as a whole. As a result, the shares slumped by almost eleven percent.

In the DAX, Continental shares were clearly at the top of the index with a plus of a good four percent. Analyst Jose Asumendi from the US bank JPMorgan praised the automotive supplier's significant increase in profitability in the automotive business.

In contrast, investors reacted disillusioned to Commerzbank's business figures. The shares fell by four percent. Although the bank met expectations with solid results, the times of rising expectations in terms of net interest income seem to be over, wrote analyst Anke Reingen from the Canadian bank RBC. The planned share buyback is also positive for sentiment, but is unlikely to lead to higher market expectations.

At the end of the DAX, Beiersdorf shares fell by more than four percent. The Nivea Group continued to grow thanks to its core brand and a recovery in business at Tesa. However, operating profit was disappointing./la/jha/