Here's a few events to watch out for today:• Spain and Italy to auction government debt - this morning
• Greek PM George Papandreou addresses a conference for the Federation of German Industries - this morning, Berlin
• CBI Distributive Trades Survey (measuring UK retail sales in September): 11am
• Greek property tax vote - 7pm CET, Athens
• Papandreou/Merkel "working dinner" - evening, Berlin
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.13pm: More news from Berlin, where Angela Merkel has announced that Germany continues to stand by Greece.
Merkel followed Papandreou by addressing the Federation of German Industries, and told industry leaders that she was determined to help Greece "regain confidence", as long as it met its fiscal targets:
We will provide all the help desired from the German side so that Greece regains trust
Merkel also told the meeting that the international regulation of hedge funds "leaves much to be desired" - a suggestion that Europe may be moving towards tighter controls on the City?
Our Berlin correspondent, Helen Pidd, has also flagged up that today is a watershed moment in Germany:
The tabloid, Bild, today has come out in favour of the rescue fund. In an editorial today, it reluctantly admits that the EFSF is not just to bailout the "lazy Greeks" but to also secure the financial stability of the whole of Europe – including Germany.
They have printed a crib-sheet with points Merkel should raise during her dinner with Papandreou tonight – eg "Make sure people pay their taxes!" "Do away with the bloated public sector!" "Sell off your national assets already".
You can read the full editorial (in German, of course) here.
11.25am: George Papandreou's optimism has been well-received in the financial markets. We're nearly three and a half hours into trading, and the FTSE 100 just hit its highest level of the day.
The blue chip index is now up 131 points, or 2.59%, at 5221.12. Mining stocks continue to lead the risers (with Vedanta now up by over 10%), and every company in the FTSE 100 has gained ground.
Strong words alone won't satisfy traders for long, though, as David Jones, chief market strategist at IG Index, explains:
Today's rally is an impressive one, but it is hard to see today's mining sector strength as anything but a dead cat bounce while economies continue to struggle.
The speech by Greek Prime Minister Papandreou in Germany this morning contained a balance of contrition and optimism for the future – but as usual it won't be long before traders are looking for action to back up all the politician's words.
10.55am: George Papandreou is refusing to be funereal in Berlin. Greece's prime minister promised Germany's business leaders this morning that Athens will meet its commitments to the international community, and rebuild its economy
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