US industrial production and housing sentiment improve

There was good news for the US economy on Tuesday.

Industrial production rebounded 0.4 percent in June after having fallen 0.2 percent in May. Manufacturing production rose 0.7 percent in June, reversing the 0.7 percent fall in May.

Housing continued its recovery in July with the National Association of Home Builders/Wells Fargo housing market index rising 6 points to 35, its highest level in five years.

Meanwhile, inflation has remained moderate. The consumer price index was unchanged in June after having fallen 0.3 percent in May.

Inflation has also moderated in the UK, falling to 2.4 percent in June from 2.8 percent in May.