Dax extended losses for a third straight session and amid deteriorated economic sentiment. ZEW institute reported the mood among German investors plunged far more than expected in August. A monthly survey showed economic sentiment among investors fell to -44.1 from -24.5 in July, its lowest level since December 2011. A drop to -28.5 was expected. Trade wars and political uncertainty are to blame as the exports and industrial production suffers the most. The index is trading at five-month low with a further downside bias. It aims for 11 400 level and further down to 61.8% of Fibonacci retracement.