The Organisation for Economic Cooperation and Development reported on Thursday that its composite leading indicator for member countries fell to 100.3 in June from 100.4 in May, indicating moderating growth. The CLIs for Russia, China and India also pointed to slower growth.
Indeed, data from China on Thursday also showed that its economy continued to slow at the start of the third quarter. Industrial production grew 9.2 percent in July from a year earlier, less than the 9.5 percent growth in June. Fixed-asset investment excluding rural households increased 20.4 percent in the January to July period from a year earlier, the same pace as the January to June period. Retail sales grew 13.1 percent in July, less than the 13.7 percent increase in June.
Inflation also slowed in China, with consumer prices rising 1.8 percent in July from a year earlier compared with 2.2 percent in June.
In India, industrial production fell 1.8 percent in June from a year earlier after having risen 2.5 percent in May.
Despite the weak data, the Bank of Japan provided no additional monetary stimulus on Thursday and left interest rates between zero and 0.1 percent.
While the data from Asia on Thursday were weak, US economic data appeared more positive. The US trade deficit shrank in June as exports rose 0.9 percent while imports fell 1.5 percent. Also initial jobless claims fell by 6,000 to 361,000 last week.