The OECD’s composite leading indicators out tonight continue pointing to slowdown in economic activity in most major economies. The indicators, designed to anticipate turning points in economic activity relative to trend, are little changed compared to last month for most countries, but the CLIs for Japan, United States and Russia are showing stronger signs of a positive change in momentum and remain above long-term trend. The CLI for China has deteriorated since last month and is pointing to a slowdown in economic activity towards long-term trend. For other major economies and the Euro area, the CLIs continue pointing to slowdowns.

The OECD Indicators have Australia close to trend.