Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend, continue to point to stable growth momentum in the OECD area as a whole. The CLIs signal stable growth momentum in the Euro area as a whole, particularly in Germany and Italy, while growth is firming in France. Stable growth momentum is also anticipated in Japan. In India, the CLI points to firming growth. Growth momentum is anticipated to moderate in Canada as well as in the United Kingdom and the United States, albeit from relatively high levels. On the other hand, the outlook continues to deteriorate for China, with the CLI pointing more strongly to a loss of growth momentum. Signs of slowing growth momentum are also re-emerging in Russia. In Brazil, weak growth momentum is anticipated.
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