LONDON, Jan 22 (Reuters) - Italian government bond yields spiked 5-8 bps across the yield curve on Wednesday on reports Italy's Di Maio will step down as leader of 5-star movement.

Di Maio, who is also the government's foreign minister, is expected to meet other ministers belonging to the anti-establishment movement later in the morning and is due to announce his resignation at a party meeting in the afternoon, several dailies reported.

In early London trading on Wednesday, benchmark bonds plunged across the board with yields on ten-year debt rising nearly 8 bps to 1.45%. (Reporting by Saikat Chatterjee, editing by Karin Strohecker)