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Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend six to nine months ahead, continue to point to stable growth momentum in the OECD area as a whole. CLIs anticipate stable growth momentum in the United States,

 Japan, Canada and the euro area as a whole, including France. In Germany, the CLI points to stabilising growth momentum while in Italy growth is expected to gain momentum. The CLI for the United Kingdom, however, continues to signal easing growth.

Amongst major emerging economies, the CLIs point to growth gaining momentum in Brazil and in the industrial sector in China,while stable growth momentum is now anticipated in India. Signs of easing growth persist in Russia.