LONDON, July 1 - Following are economists' comments on the euro zone PMI which fell to 46.4 in June from 46.8 in May -- well below the consensus forecast of 47.4. PHILIP SHAW, INVESTEC, LONDON "The drop in the PMI is a disappointment against the background of a 50 basis point cut in rates. The strength of the euro is evidently threatening to choke off any recovery in euro zone manufacturing industries. We take the view that the ECB must stimulate domestic demand more aggressively, and we see the refi rate down at 1.25 percent by the end of this year."//