There are signs that the economies of two of the world's leading emerging powerhouses, India and China, are starting to falter, while Europe continues to be handicapped by its debt woes, the latest report from the OECD showed on Monday.

The Paris-based economic think-tank said its composite leading indicator for China, which provides a measure of future economic activity, slipped to 99.1 from 99.4 in April, falling further below its long-term average of 100.

The indicator for India also showed signs of weakening, dropping to 98.0 from 98.2, again below the 100 average.

"The assessment for China and India has changed significantly since last month. For both countries, the CLIs point towards economic activity below the long-term trend," the Organization for Economic Cooperation and Development said in its report.

Agencies - China Daily