OECD sees better growth in developed economies but slower growth in emerging economies

The OECD reported on Monday that its latest composite leading indicators point to diverging growth patterns in major economies.

The CLI for the OECD area as a whole rose to 100.6 in May from 100.5 in April, with individual country CLIs indicating improvements in growth in most major OECD economies.

However, the OECD said that the CLIs for large emerging economies point to stabilising or slowing momentum.

Meanwhile, there were mixed economic data from Japan on Monday.

Japanese bank lending rose 1.9 percent in June, its biggest annual increase since July 2009. Its current account surplus rose 58.1 percent in May from a year earlier.

However, the Cabinet Office's economy watchers survey showed that the current conditions index fell to 53.0 in June from 55.7 in May. The future conditions index fell to 53.6 from 56.2.

Economic data from Germany on Monday were negative.

German exports fell 2.4 percent in May. With imports rising 1.7 percent, the trade surplus narrowed to 13.1 billion euros from 18.0 billion euros in April.

German industrial production fell 1.0 percent in May. It was the first decline since January and followed a 2.0 percent rise in April.