DAX tumbles further as EC lowers growth forecast for 2012

German DAX index maintained downward trend on Thursday despite the fact German business confidence improved more than predicted in February.  Among main decliners was Deutsche Telekom which plunged 3% after the company predicted a further decline in its profits in 2012. Commerzbank provided the main negative contribution to index after European Commission lowered Euro Zone annual growth forecasts, from 0.5% to 0.3%, claiming it expects mild recession across the region. At the moment of writing DAX index is 0.65% or 44.5 points down at 6,799.95.