By Iulian Ernst in Bucharest Romania’s manufacturing index PMI compiled by BCR (chart) contracted for the second consecutive month in July, dropping back to 47.8 after three consecutive months at or above the 50 no-change mark. The country’s manufacturing sector is thus back in contractionary territory at the beginning of the third quarter, after a short-lived period in the expansionary territory during the second quarter of the year. BCR analysts see as unlikely a consistent gain in momentum for Romanian manufacturers any time soon, partly because the HCOB Manufacturing PMI flash release for …