December 9, 2016 / 7:33 AM / a year ago

Euro zone bonds yields head back down after ECB

LONDON, Dec 9 (Reuters) - Most euro zone government bond yields fell in early Friday trade, reversing increases made the previous session after the ECB reduced its asset purchases but promised protracted stimulus to support a recovery.

Catching markets off-guard on Thursday, the ECB said its bond buying would be cut to 60 billion euros a month from 80 billion euros starting in April, but would go on at least until the end of 2017, three months longer than expected.

Most euro zone bonds sold off on Thursday but recovered early on Friday.

Bond yields across the euro zone were 2 to 4 basis points lower. Germany’s two-year Schatz yield gave up an early rise to trade 1 basis point lower on the day at minus 0.74 percent . (Reporting by Dhara Ranasinghe, editing by Larry King)

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