Investors' willingness to take risks in German equities remained subdued on Wednesday despite the improved economic outlook. The Dax temporarily fell back below the much-noticed mark of 15,000 points, but quickly stabilized there again. It exited trading just slightly down, losing 0.08 percent to 15,081.64 points. The MDax fell by 0.48 percent to 28,429.45 points.

The losses in Frankfurt were therefore lower than on New York's Wall Street, where disappointing Microsoft numbers curbed investors' hopes for the upcoming reporting season. The Ifo business climate, which brightened again in January, was not considered a course support in Germany. It had caused price losses in the morning because of the realization that the industry sentiment barometer did not rise as much as expected in January. As a result, economists warned against overconfidence.