DAX 30 index down on worse than expected PMI data

German DAX index extended losses on Wednesday as investors kept worrying Greece may struggle to implement tough austerity measures. Moreover, Euro Zone PMI dropped to 49.7 instead of expected increase to 50.8 and Fitch cut Greece sovereign rating to C. Deutsche Luft and Commerzbank put the main downward pressure on the index edging down 2.2% and 1.7%. At the moment of writing DAX index is 0.57% or 40.30 points down at 6,867.76.