OECD sees outlook improving in major economies

The outlook for most major economies has improved, with the euro zone gathering momentum as its debt crisis subsides, the OECD said on Monday.

The Paris-based Organisation for Economic Cooperation and Development said its composite leading indicator, covering 33 member countries, indicated growth had returned to its long-term trend rate.

The indicator, which is designed to flag turning points in the economic cycle, edged up to 100.7 in October from 100.6 in September. That put it further above the long-term average of 100 and reaching its highest level in over two years.

The reading for the euro area rose to 100.9 from 100.7 in September, which the OECD said in a statement was indicative of a "positive change in momentum".

Regional powerhouse Germany saw its reading rise to 100.7 from 100.5. France saw its indicator improve to 100.2, from the long-term trend rate of 100.0 in September.

The OECD said that the US economy, the world's biggest, was running near its trend rate with a stable reading at 100.8. The Japanese economy was seen at above-trend speed at 101.3, up from 101.1 in September.

Last month, the OECD trimmed its global growth forecast for next year to 3.6 percent from 4.0 previously. A slowdown in emerging market economies was putting a drag on growth, it said, and advanced economies were struggling to pick up the slack after years of debt crises.

The October indicators for China, India and Russia showed tentative positive changes in momentum. China's reading rose to 99.4 from 99.2, India's was stable for the fourth month in a row at 97.6 and Russia's was unchanged at 99.7