Eurozone economic recovery gaining momentum

A closely-watched survey has found business activity across the 18-country eurozone running at a three-year high, in perhaps the clearest sign yet that the economic recovery is gaining momentum. Analysts say Wednesday's positive data could take some of the pressure off the European Central Bank to take further steps to stimulate the economy at its next monthly policy meeting on May 8 despite stubbornly low inflation across the 18-country single currency zone. The Markit survey of purchasing managers - a closely watched gauge of business activity - climbed to 54.0 in April from 53.1 in March. That's the highest reading since May, 2011. Anything over 50 indicates expansion. Analysts said Wednesday's figures, which cover both services and manufacturing companies, showed that the modest recovery in the eurozone was exhibiting increasing strength, according to a news agency.