The OECD said its composite leading indicator rose to 103.9 in July from 103.6 in June. The OECD said analysis of the CLI data points to weak to moderate growth in the advanced economies in the period ahead. The CLI summarises information contained in a number of key short-term indicators known to be linked to GDP and provides early signals of turning points between expansions and slowdowns in economic activity, the OECD said. Such turning points are highlighted by the so-called six-month rate of change in the CLI, which compares the current month's CLI figure with the average of the previous 12 months. The six-month rate of change showed an annualised increase of 1.0 pct in July, up from an increase of 0.5 pct in June. The OECD said the six-month rate of change improved in all G7 countries except Italy in July. For the US, the CLI rose to 103.1 in July from 102.7 in June, while the CLI for the euro zone rose to 105.2 from 105.0. Japan's CLI rose to 99.2 from 98.6 and the UK's CLI rose to 100.0 from 99.8. Italy was the only major economy to see a decline in its CLI, which fell to 94.7 from 95.5.