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Euro zone bond yields jump after FT story on ECB balance sheet reduction

Reuters
·1-min read

LONDON (Reuters) - Euro zone bond yields jumped on Friday, after a report from the Financial Times that the European Central Bank could start discussions on shrinking its balance sheet in early October.

The ECB hiked rates on Thursday by 75 basis points and has flagged further policy tightening to contain inflation. A winding down of its its balance sheet would mark another step towards policy normalisation.

Italy's 10-year bond yield was last up almost 9 basis points on the day at 4.03%, while Germany's 10-year Bund yield was up 1 bps at around 1.71% after falling 5 bps earlier in the session.

European shares trimmed their gains, with the STOXX 600 index last up around 1.5% but off session highs.

(Reporting by Dhara Ranasinghe and Samuel Indyk, Editing by Tommy Reggiori Wilkes)