Flag of the European Community in front of the Eurotower in Frankfurt am Main

Economic growth is losing momentum in Europe, but the trends for Canada and the U.S. remain stable, according to the latest composite leading indicator (CLI) readings from the Organization for Economic Cooperation and Development (OECD).

The Paris-based OECD reported that its CLIs — which aim to anticipate turning points in economic activity — indicate that rising inflation and deteriorating consumer confidence point to slowing growth in Europe, including Germany, France and Italy, along with the U.K.

However, for Canada, the U.S. and other major economies, the OECD said that the CLIs continue to signal stable growth, as its indicators remain above trend.

In the major emerging markets, the CLIs for China and India point to stable growth, the OECD said. For Brazil, the CLIs anticipate slowing growth, it noted.