German DAX drops on Draghi announcement

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%.