German shares continued to decline on Thursday on deteriorating outlook for the single currency union. On Thursday, the ECB cut its growth forecast for the Eurozone from 1% to 0.6% for the next year. German DAX Index declined 0.76% to trade at 6,917.54 at the time of writing. Eight out of nine sectors included in the index retreated. Top-losers were telecommunications and utilities. Among telecommunications, Deutsche Telecom dropped by 2.77% after the company announced it lost more customers at its US unit than expects predicted. Financial stocks also declined sharply led by Commerzbank. Commerzbank was the worst-performer in the index, plunging by 4.44%. The bank reported that it expects the income in the second half of the year to be lower than in the first one.