OECD paints weaker picture

The world's largest economies are faltering, a series of indicators from the OECD showed yesterday.

The Paris-based think tank's Composite of Leading Indicators (CLIs) for May showed activity below long-term trend in France, Germany, Canada, Italy and the UK.

The eurozone as a whole is struggling. The indicators also showed dissipating momentum in the US, Russia and Japan.

The CLIs also pointed to a deepening slowdown in the emerging powerhouses of China and India.

Central banks across much of the world loosened policy to support growth. The People's Bank of China and the European Central Bank cut rates. The Bank of England voted to inject £50bn more into the economy. Investors are waiting to see if the US Federal Reserve follows suite.