Housing continues recovery in US and China

US housing continues to show signs of recovery, with the NAHB/Wells Fargo Housing Market index rising to 47 in December, its highest level since April 2006, from 45 in November, according to a report on Tuesday from the National Association of Home Builders.

China's housing market is also turning up. Home prices rose month-on-month in 53 of 70 major cities monitored by the National Bureau of Statistics in November, up from 35 in October.

Also rising is UK consumer prices. The UK inflation rate held at 2.7 percent in November, the same as in October.

UK house price inflation has slowed though. House prices rose 1.5 percent in October from a year ago compared with 1.7 percent in September.

Worldwide central bank easing has apparently helped global reflation, and that trend continued on Tuesday with central banks from Sweden, Turkey and Hungary all cutting interest rates.