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We're going to need to come up with some special name for this new global rally that's seemingly impervious to negative headlines.
The downgrades (both of individual sovereigns and of the EFSF) and the mess in Greece is nothing for investors.
Most notably, yields in Europe continue to sink.

The Italian 10-year bond is yielding less than 6.5% again.

2-year Spanish debt yields less than 2.9%.

As for stocks, well, US futures are suggesting that markets will head to new intermediate highs, and Europe is higher as well, with Italy's FTSE MIB up 1%.

As for data, there isn't too much notable, except Chinese GDP -- it came in at 8.9%, topping expectations of 8.7%.