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The Organization for Economic Cooperation and Development (OECD) released its leading indicators on Tuesday. The composite leading indicator fell to 100.0 in July from 100.1 in June.
"Stable growth momentum confirmed in the OECD area but the outlook deteriorates in most major emerging economies," the OECD said.
It signalled stable growth in the Eurozone, particularly in Germany and Italy.
There were signs of firming growth in France and India.
The index for the U.S., the U.K. and Canada pointed to a moderate growth.
The index for China pointed to a loss of growth momentum.
The index for Russia showed signs of slowing growth momentum.