Mizuho Securities with the note:
The OECD published its composite leading indicators (CLIs) for November on 9 December. They point to slower growth in the world’s advanced and major emerging-market economies over the coming 6–9 months. The OECD sees a “possible peak” in the US, the euro area, and Japan, suggesting that growth may slow.
The US CLI slipped to 100.1 and the euro area to 101.0. Japan was unchanged from October, at 100.7. The assessment for all three was “possible peak.”