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At midday the FTSE 100 continues an upward trend with some market commentators describing the mood on the markets as a "bidding euphoria."

Financials are still the leaders on the London Stock Exchange, underpinned by the overnight news that the US government will be underpinning major mortgage intermediarties Fannie Mae and Freddie Mac.

The good sentiment has been boosted further by Banco Santader making a bid for Alliance and Leicester, but it the most significant gains have been made by Bradford & Bingley whose stocks are making significant gains in an attempt to put behind them a few hard weeks. This is good news for an underperforming housing sector which is where the credit crunch all began. 

Standard Chartered, Lloyds TSB and Barclays banks are all showing strong gains today to back up the financials resurgence.