LONDON, Feb 3 (Reuters) - Two-year German government bond yields touched a record low on Wednesday as weaker equity markets underpinned demand for safe-haven bonds in the euro zone.

But peripheral bond yields rose as markets absorbed 9 billion euros of new 30-year bonds from Italy.

European stock markets opened almost 1 percent lower - a backdrop that has proved supportive for bonds, especially as global market turmoil boosts expectations for further monetary stimulus from the European Central Bank.

“There is still a lot of vulnerability in stock markets and the euro remains quite strong which is adding pressure on the ECB to take action,” said Patrick Jacq, European rate strategist at BNP Paribas. “But clearly paper is now expensive with the 10-year Bund (yield) at 30 basis points.”

Germany’s two-year Schatz yield dipped to minus 0.49 percent, taking its falls this year to 15 basis points .

The 10-year yield was down 1 basis point at 0.31 percent and heading towards Monday’s nine-month low of 0.24 percent, while 30-year German yields fell to an eight-month low at 1.029 percent.

Jacq at BNP Paribas said that until certain pre-conditions such as stronger equity markets materialised, demand for bonds in the euro zone would remain firm.

Germany plans to issue up to 5 billion euros of a new five-year paper later in the day.

That follows a 9 billion euro 30-year bond issue from Italy on Tuesday which put some upward pressure on peripheral bond yields in the euro area.

“This is likely more relevant for peripheral direction especially ahead of tomorrow’s 10- and 20-year Spain supply,” Antoine Bouvet, a rates strategist at Mizuho Corporate Bank said in a note.

Italy’s 10-year bond yield was 2.7 basis points higher at 1.52 percent, while Spanish 10-year bond yields rose 3 basis points to 1.62 percent.

Analysts said political uncertainty continued to weigh on Spanish and Portuguese bond markets.

On Tuesday, Socialist head Pedro Sanchez was named by King Felipe to lead talks to form a government in Spain. But chances of success are seen as slim as he would need to strike a deal with several parties whose policies are incompatible. (Reporting by Dhara Ranasinghe; editing by John Stonestreet)