Asian factories lose momentum in May, Europe stays buoyant

London

FACTORIES across much of Asia ran into a soft patch in May as export demand slowed but those in Europe enjoyed buoyant growth amid signs of steady improvement in the global economy.

Analysts said the weakness in Asia was likely to be temporary and the findings from private business surveys came a day after Moody's Investors Service painted an upbeat picture of global growth.

Further indications the eurozone's economy is enjoying a stable and broad-based recovery, alongside inflationary pressures, will be welcomed by policymakers at the European Central Bank (ECB).

And giving a boost to Prime Minister Theresa May a week before a national election, British manufacturing chalked up its second-fastest growth in nearly three years la…