UPDATE: Italian and Spanish bond yields fall as ECB signals buy up

Italian and Spanish government bonds opened higher, reducing the additional yield investors demand to hold the securities instead of benchmark German bunds, after the European Central Bank signaled it may buy the securities. The Governing Council of the European Central Bank (ECB) said it welcomed the announcements made by the governments of Italy and Spain on new measures and reforms in the areas of fiscal and structural policies, the Telegraph reports. "It is on the basis of the above assessments that the ECB will actively implement its Securities Markets Programme.....