* Yields soar after, German 10-year yield up 6 bps

* Italian, Greek yields rise after hitting new record lows

* Euro zone periphery govt bond yields http://tmsnrt.rs/2ii2Bqr

LONDON, Nov 9 (Reuters) - Investors dumped euro zone government bonds on Monday and yields surged after pharmaceutical giant Pfizer said its experimental COVID-19 vaccine was more than 90% effective.

The benchmark German 10-year yield rose 11.5 basis points to -0.507%, staging its biggest rise since March.

Other core euro zone bond yields jumped while peripheral yields surged off new record lows to trade higher.

The Pfizer announcement surprised investors, who sent stocks soaring. Markets have been waiting for weeks on news about any effective vaccine for the COVID-19 pandemic, which has led to massive economic shutdowns.

Pfizer Inc and German partner BioNTech SE are the first drugmakers to show successful data from a large-scale clinical trial of a coronavirus vaccine. The companies said they expect to seek U.S. emergency use authorisation later this month.

"If the bearish view embedded in markets was that there was no effective vaccine any time soon priced in, clearly that needs significant repricing now," said Russell Silbertson from asset manager Ninety One.

"You couple (this morning's news) that with the sheer weight of all the stimulus in markets, and that's a very strong economic upside scenario."

U.S. Treasury yields soared, with the 10-year yield up 13.4 basis points on the day at 0.954% and 30-year yields up 14.8 bps on the day at 1.746%.

Prior to the news, Italian and Greek bond yields had hit new record lows as investors cheered rating agency reviews of their credit ratings and Joe Biden's presumed victory in the U.S. presidential election boosted sentiment.

But they changed direction after the announcement of the vaccine. By 1600 GMT, the Italian 10-year yield was 11 basis points higher at 0.724%, staging its biggest rise since May.

European Central Bank bond buying has kept euro zone yields pinned lower or in tight ranges, but development of a successful vaccine has the potential to boost sentiment significantly and lift yields as investors seek out riskier assets.

"The good news on the vaccine was always the upside risk for markets and if it is developed and rolled out quickly, then that does support the recovery and reflation narrative," said Chris Scicluna, head of economic research at Daiwa Capital Markets.

"But we have to be careful that the number of patients reporting results are still very low. So we need to be perhaps cautiously optimistic about this news and look at a lot more results."

The EU has hired banks for its second bond sale to back its SURE unemployment scheme, according to Refinitiv IFR.

It will sell five and 30-year bonds "in the near future, subject to market conditions", according to a statement debt management offices usually use the day before a sale.

(Reporting by Tommy Wilkes Additional reporting by Dhara Ranasinghe Editing by Mark Potter/Peter Graff/Ken Ferris)