Nov 10 (Reuters) - Euro zone bond yields ticked up on Wednesday as markets awaited the October U.S. inflation report. The report, due at 1330 GMT, is expected to show consumer prices rose 5.8% year-on-year in October, according to a Reuters poll. Overnight data showed Chinese producer prices accelerated more than expected in October. That added to market concerns that inflation, which has been far above central banks’ targets for months, may be less transitory than expected. The moves in euro area bonds early on Wednesday followed U.S. Treasuries, where yields were up 2-5 basis points across the curve. Germany’s 10-year yield, the benchmark for the bloc, was up a basis point to -0.29% by 0814 GMT, slightly above the seven-week low of -0.299% touched on Tuesday. Germany’s 30-year yield, which fell 10 bps on Tuesday and neared negative territory for the first time since August, was up 1 bp to 0.03%. Euro zone bond yields have swung wildly in recent weeks, first surging as money markets bet on the European Central Bank hiking rates next year. They then fell sharply after the Bank of England did not deliver an anticipated rate increase, moving money markets around the world. Though markets are calmer this week, long-term market-based inflation expectations have swung in the euro zone, rising above the ECB’s 2% target for the first time in 12 sessions on Tuesday, only to fall back to 1.96% by the session’s close. Inflation-adjusted real yields also fell to record lows on Tuesday, a function of strong demand for inflation-linked debt. But that is also often seen as the market expressing concern over the growth outlook. “We share the market’s hesitation given global growth uncertainty, central banks’ hawkish sword hanging, end of year liquidity and, over a more medium term, our baseline view inflation will prove to be temporary. In other words, timing is tricky,” Citi analysts said in a note to clients. In debt auctions, Germany will target 1 billion euros from the re-opening of a bond due 2052, while Portugal will raise up to 1 billion euros from bonds due 2031 and 2037. Editing by Timothy Heritage