German stock and bond yields fell, while the euro retreated after a survey showed investor confidence in Europe’s biggest economy unexpectedly deteriorated.

The ZEW Institute’s expectations index fell to 7.4 in November, from 13.1 the previous month, in a November 4-11 survey.

ZEW President Achim Wambach said the drop in confidence reflected concerns over the election of Donald Trump – who says he will impose 10 percent tariffs on European imports – and the collapse of Germany’s ruling coalition.

But he added: “In the final days of the inquiry period, however, more optimistic voices are becoming more vocal about Germany’s economic outlook due to the likelihood of an early election.”

However, the market reaction to the survey was felt in shares, with the DAX extending losses to trade up 1%. The euro fell 0.4 percent to trade near $1.06, near its weakest in 12 months.