Global markets are experiencing a rally, with the DAX reaching a record high and the FTSE 100 at a three-month peak, despite a downgrade of US government debt by Moody’s, which had minimal impact. In the UK, Greggs has surged following a positive trading update, while Vodafone shows signs of recovery, bolstered by its attractive dividend. Lloyds has also performed strongly, up 40% this year, benefiting from its lack of US exposure and growth in financial services.