U.K. manufacturing PMI falls to 45.4 in July

FRANKFURT (MarketWatch)
U.K. manufacturing activity contracted at an accelerating pace in July, according to a survey of purchasing managers released Wednesday
The Markit/CIPS purchasing managers' index for the sector dropped to 45.4 versus a revised reading of 48.4 in June
A reading of less than 50 signals a contraction in activity
"A perfect storm of wet weather and weak confidence in the U.K. has combined with global economic drift to engulf the manufacturing sector in July. While the euro zone has continued to be the major factor, declines in business from Asia have dashed hopes of a quicker recovery," said David Noble, chief executive of the Chartered Institute of Purchasing and Supply