Eurozone economic growth stable, China stabilising: OECD

[PARIS] Economic conditions are stabilising in China and the outlook is for steady growth in the eurozone, while the US and UK economies are losing steam, the Organisation for Economic Co-operation and Development said on Monday.

The Paris-based OECD said that its monthly leading economic indicator, supposed to capture economic turning points, showed signs of stabilisation in both China and Brazil.

"In the United Kingdom and the United States, the CLIs (Composite Leading Indicators) point to easing growth, albeit from relative high levels," it said in a statement.

"Amongst the major emerging economies, the CLIs for China and Brazil confirm the tentative signs of stabilisation flagged in last month's assessment," it said. "In Russia, the CLI anticipates growth losing momentum while the CLI for India signals firming growth."

On an index where 100 represents the long-term average, the OECD said the euro zone economy remained at 100.6 in its latest review of conditions, with Italy and France healthily above the benchmark at 100.9.

The US reading edged lower, to 99.1 from 99.2, while the UK reading dipped to 99.1 from 99.3.

China stood at 98.4, up from 98.3 in the previous month's report. Brazil's reading rose to 99.5 from 99.3 while Russia went from 99.6 to 99.4.

REUTERS