LONDON,nwyrk Jan 2 (Reuters) - Italy's 10-year borrowing costs hit a new 3-1/2 month low on Wednesday, as markets reopened for the first time after Italian lawmakers passed the government's 2019 budget late in 2018.

The yield on Italy's 10-year government bond dipped as much as seven basis points in early European trade to 2.702 percent, the lowest since Sept. 11.

The closely-watched Italy/Germany 10-year bond yield spread tightened to 248 basis points. (Reporting by Abhinav Ramnarayan; Editing by Tom Finn)

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