September 27, 2018 / 6:35 AM / 8 months ago

CORRECTED-Italian govt bond yields up as much as 14 bps on budget delay fear

(Corrects Italian five-year yield bps rise to 14bp from 143bp in para 2)

LONDON, Sept 27 (Reuters) - Italian government bond yields rose as much as 14 basis points on Thursday on a local newspaper report that today’s budget meeting would be delayed.

Five year bond yields jumped 14 bps to 1.95 percent, while the 10-year yield was up 13 bps at 2.97 percent to the highest since early-September.

The outsize move was attributed by analysts to a report by Corriere della Serra that the budget meeting scheduled for 1600 GMT is likely to be delayed.

“Il Corriere suggests the budget meeting may be postponed because there are new complications in reaching an agreement on the deficit,” said ING rates strategist Martin van Vliet.

“It is driving the market this morning, and the euro was also down. It is an interesting twist to budget day.”

The euro slipped 0.3 percent on the day at $1.1703 .

Markets were also earlier spooked by a La Stampa report that economy minister Giovanni Tria planned to resign but the ministry denied the report. (Reporting by Virginia Furness; editing by Sujata Rao)

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