September 12, 2018 / 11:49 AM / 2 months ago

Italian bond yields rise as tensions over budget resurface

LONDON, Sept 12 (Reuters) - Italy’s bond yields rose on Wednesday, giving up earlier falls, following a report that the 5-Star Movement will seek the resignation of Economy Minister Giovanni Tria if the party does not get 10 billion euros of funding for a universal income.

Italian bond yields rose as much as 2-5 basis points across the curve before pulling back slightly after a senior 5-Star source told Reuters there is tension over budget resources but no threats to remove Tria.

Italy’s 10-year bond yield was last up 2 bps at 2.80 percent — above six-week lows hit just a day early at around 2.70 percent.

The gap over benchmark German Bund yields widened to almost 240 bps from around 230 bps earlier in the session. .

Italy’s blue-chip stock index meanwhile turned negative and was last down 0.5 percent (Reporting by Dhara Ranasinghe)

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