On Thursday German stocks experienced sharp
decline after ECB President Mario Draghi said the bank will not boost sovereign
debt purchases. Germany's benchmark index DAX 30 fell for a third day in a row losing
1.1% to 5,927.27 in Frankfurt afternoon trade. Main downside contribution
was provided from German financials as Commerzbank AG and Deutsche Bank AG
gave up 5.3% and 1.6%, respectively. Automakers also declined with BMW edging
down 3.79% and Daimler AG giving up 3.55%.