(Updates in early afternoon trading in mainland Europe)

By Harry Robertson

LONDON, Jan 20 (Reuters) - Euro zone bond yields were

little changed on Monday, with investor focus on the

inauguration of Donald Trump as U.S. president and the raft of

executive orders he has pledged to sign on day one.

Trump will be sworn back in at midday (1700 GMT/1800 CET) in

Washington, D.C. after four years away and has promised a flurry

of executive actions concerning immigration, energy and tariffs

early in his presidency.

Germany's 10-year bond yield, the benchmark for

the euro zone, was up 1 basis point (bp) to 2.514%, down from a

seven-month high of 2.630% last week. Yields move inversely to

prices.

U.S. bond and stock markets are closed for Martin Luther

King Jr. Day.

"(The) market is waiting for the host of executive orders

that are likely to be signed in the first day of the Trump

presidency," said Mohit Kumar, European economist at Jefferies.

"Focus would be on policies around tariffs, immigration and

deregulation."

Italy's 10-year yield was also 1 bp higher at

3.655%, and the gap between Italian and German yields

stood at 114 bps.

Bond yields around the world rose sharply to multi-month

highs in the first two weeks of the year as strong U.S. economic

data pushed up U.S. Treasury yields, which tend to drive

markets, and investors worried about the potentially

inflationary effect of Trump's tariffs.

They fell back last week after data showed underlying U.S.

inflation slowed more than expected in December.

Germany's two-year bond yield, which is sensitive

to European Central Bank rate expectations, was flat at 2.234%.

Investors are also watching the progress of the Israel-Hamas

ceasefire which took effect on Sunday. Hamas released three

Israeli hostages and Israel released 90 Palestinian prisoners on

day one of the truce.