Day: June 2, 2024

By Ana Isabel Martinez and Noe Torres

MEXICO CITY -Mexican voters experienced long lines on Sunday to cast ballots in a historic election expected to make leftist Claudia Sheinbaum, the ruling party candidate, the country’s first woman president.

Sheinbaum has led in opinion polls over her main competitor Xochitl Galvez, who represents an opposition coalition comprised of the Institutional Revolutionary Party (PRI), which ruled Mexico for about seven decades until democratic elections in 2000, the right-wing PAN and the leftist PRD party. Outgoing president Andres Manuel Lopez Obrador is Sheinbaum’s mentor.

A victory by either woman would represent a major step for Mexico, a country known for its macho culture. The winner, set to begin a six-year term on Oct. 1, will face formidable challenges including addressing organized crime violence.

On her way to vote on Sunday morning, Sheinbaum told journalists it was a “historic day” and that she felt at ease and content.

“Everyone must get out to vote,” Sheinbaum, a physicist and former Mexico City mayor, said on local TV.

Galvez, a businesswoman and senator, chatted with supporters as she arrived to cast her ballot shortly after polls opened.

“God is with me,” Galvez said, adding that she was expecting a difficult day.

Lopez Obrador greeted supporters and posed for photos as he walked from the presidential palace to vote with his wife.

There were long lines of voters outside polling places, even before they opened at 8 a.m. local time (1400 GMT), with some reports of delayed openings.

The campaign has been marred by violence, with 38 candidates murdered including a local candidate who was fatally shot on Saturday night. That is the highest toll in Mexico’s modern history, stoking concerns about the threat of warring drug cartels to democracy.

Almost 100 million Mexicans are eligible to vote in Sunday’s election. Other positions up for grabs include Mexico City’s mayor, eight governorships and both chambers of Congress. About 20,000 elected positions are on ballots, the most in Mexico’s history.

The polls will close at 6 p.m. local time (0000 GMT on Monday). The first official preliminary results are expected late on Sunday.

‘FLOODED WITH BLOOD’

“The country is flooded with blood as a result of so much corruption,” said Rosa Maria Baltazar, 69, a voter in Mexico City’s upper-middle class Del Valle neighborhood. “I wish for a change of government for my country, something for a better life.”

Jorge Martinez, a 35-year-old dog walker and part-time security guard, said he had never seen lines so long, as he waited to vote in the capital’s wealthy Polanco neighborhood.

“I am going to vote for Claudia because she has better proposals and she says that she is going to improve some things that (Lopez Obrador) did not do well, such as education and security issues,” Martinez said.

Lopez Obrador has loomed over the campaign, seeking to turn the vote into a referendum on his political agenda. Sheinbaum has rejected opposition claims that she would be a “puppet” of Lopez Obrador, though she has pledged to continue many of his policies including those that have helped Mexico’s poorest.

Polls indicate that their ruling party Morena is likely to fall short of securing a two-thirds majority in Congress, potentially making it more difficult for Sheinbaum to win constitutional reforms.

Challenges ahead for the next president also include addressing electricity and water shortages and luring manufacturers to relocate as part of the nearshoring trend, in which companies move supply chains closer to their main markets. The election winner also will have to wrestle with what to do with Pemex, the state oil giant that has seen production decline for two decades and is drowning in debt.

Both candidates have promised to expand welfare programs, though Mexico has a large deficit this year and sluggish GDP growth of just 1.5% expected by the central bank next year.

The new president will face tense negotiations with the United States over the huge flows of U.S.-bound migrants crossing Mexico and security cooperation over drug trafficking at a time when the U.S. fentanyl epidemic rages.

Mexican officials expect these negotiations to be more difficult if the U.S. presidency is won by Donald Trump in November. Trump, the first U.S. president to be convicted of a crime, has vowed to impose 100% tariffs on Chinese cars made in Mexico and said he would mobilize special forces to fight the cartels.

Lorena Bustillos, a member of the Raramuri community, one of Mexico’s poorest Indigenous groups, lives in the northern state of Chihuahua. Bustillos said she did not trust any of the candidates to make good on their sweeping election promises.

“They come to visit and see all our needs, but then don’t take action,” Bustillos said.

By Dan Williams

JERUSALEM (Reuters) -An aide to Prime Minister Benjamin Netanyahu confirmed on Sunday that Israel had accepted a framework deal for winding down the Gaza war now being advanced by U.S. President Joe Biden, though he described it as flawed and in need of much more work.

In an interview with Britain’s Sunday Times, Ophir Falk, chief foreign policy advisor to Netanyahu, said Biden’s proposal was “a deal we agreed to — it’s not a good deal but we dearly want the hostages released, all of them”.

“There are a lot of details to be worked out,” he said, adding that Israeli conditions, including “the release of the hostages and the destruction of Hamas as a genocidal terrorist organisation” have not changed.

Biden, whose initial lockstep support for Israel’s offensive has given way to open censure of the operation’s high civilian death toll, on Friday aired what he described as a three-phase plan submitted by the Netanyahu government to end the war.

The first phase entails a truce and the return of some hostages held by Hamas, after which the sides would negotiate on an open-ended cessation of hostilities for a second phase in which remaining live captives would go free, Biden said.

That sequencing appears to imply that Hamas would continue to play a role in incremental arrangements mediated by Egypt and Qatar – a potential clash with Israel’s determination to resume the campaign to eliminate the Iranian-backed Islamist group.

Biden has hailed several ceasefire proposals over the past several months, each with similar frameworks to the one he outlined on Friday, all of which collapsed. In February he said Israel had agreed to halt fighting by Ramadan, the Muslim holy month that began on March 10. No such truce materialised.

The primary sticking point has been Israel’s insistence that it would discuss only temporary pauses to fighting until Hamas is destroyed. Hamas, which shows no sign of stepping aside, says it will free hostages only under a path to a permanent end to the war.

In his speech, Biden said his latest proposal “creates a better ‘day after’ in Gaza without Hamas in power”. He did not elaborate on how this would be achieved, and acknowledged that “there are a number of details to negotiate to move from phase one to phase two”.

Falk reiterated Netanyahu’s position that “there will not be a permanent ceasefire until all our objectives are met”.

Netanyahu is under pressure to keep his coalition government intact. Two far-right partners have threatened to bolt in protest at any deal they deem to spare Hamas. A centrist partner, ex-general Benny Gantz, wants the deal considered.

Hamas has provisionally welcomed the Biden initiative, though a senior official from the group, Sami Abu Zuhri, said on Sunday that “Hamas is too big to be bypassed or sidelined by Netanyahu or Biden.”

A day earlier another Hamas official, Osama Hamdan, told Al Jazeera: “Biden’s speech included positive ideas, but we want this to materialise within the framework of a comprehensive agreement that meets our demands.”

Hamas wants a guaranteed end to the Gaza offensive, withdrawal of all invading forces, free movement for Palestinians and reconstruction aid.

Israeli officials have rejected that as an effective return to the situation in place before Oct. 7, when Hamas, committed to Israel’s destruction, ruled Gaza. Its fighters precipitated the war by storming across the border fence into Israel, killing 1,200 people and taking more than 250 hostages, according to Israeli tallies.

In the ensuing Israeli assault that has laid waste to much of the impoverished and besieged coastal enclave, more than 36,000 Palestinians have been killed, Gaza medical officials say. Israel says 290 of its troops have died in the fighting.

(Reuters) – Rupert Murdoch has wed retired marine biologist Elena Zhukova in California, the fifth marriage for the 93-year-old media mogul, a spokesperson said on Sunday.

The wedding was held on Saturday at a Murdoch vineyard. Zhukova is 67. The couple began dating last year.

Murdoch stepped down last year as chairman of News Corp (NASDAQ:NWSA) and Fox, ending a seven-decade career running a media empire that once spanned satellites, Hollywood studios, books, newspapers and TV stations on three continents.

The couple met through Murdoch’s third wife, Wendi Deng, according to a report in the Daily Mail.

His fourth marriage, to actress and model Jerry Hall, ended in divorce in 2022 after six years. Hall previously was a longtime partner of Rolling Stones singer Mick Jagger.

Murdoch was briefly engaged last year to former San Francisco police chaplain Ann Lesley Smith, though the pair called off the engagement weeks later. Vanity Fair reported the breakup, citing one source who said Murdoch had grown uncomfortable with Smith’s outspoken evangelical views.

His marriage to Zhukova is not expected to impact a trust that holds 40% of News Corp and Fox voting shares, according to a report in the Financial Times.

(Reuters) -Online fashion firm Shein is preparing to file a prospectus with Britain’s Financial Conduct Authority for approval ahead of a potential London float which could value it around 50 billion pounds ($63.70 billion), Sky News reported on Sunday.

The confidential filing could take place as soon as the coming week, the report added, citing sources.

Chinese-founded Shein did not immediately respond to a Reuters request for comment.

Shein, valued at $66 billion in a fundraising last year, started engaging with the London-based teams of its financial and legal advisors to explore a listing on the London Stock Exchange early this year, sources told Reuters in May.

The fast-fashion company stepped up preparations for its London listing after its attempt to float itself in New York faced regulatory hurdles and pushback from U.S. lawmakers.

However, senior British lawmakers are also questioning Shein’s suitability for a London listing and calling for greater scrutiny of the business. Shein, in response, has said it is strengthening governance and compliance.

($1 = 0.7850 pounds)

By Jasper Ward

(Reuters) -Within hours of joining TikTok, Republican presidential candidate Donald Trump had attracted over 2 million followers on the short video social media platform that he tried to ban as president on national security grounds.

The decision to join the platform on Saturday could help the former president reach younger voters in his third bid for the White House. He is in a close race with Democratic incumbent Joe Biden ahead of the Nov. 5 presidential election.

Biden’s election campaign is already on TikTok, with 336,000 followers, although Biden has signed a bill that would ban the app, which is used by 170 million Americans, if its Chinese owner ByteDance fails to divest it.

Trump posted a launch video on his account, which has the address @realdonaldtrump, on Saturday night. The video, which has more than 34 million views, showed Trump greeting fans at an Ultimate Fighting Championship fight in Newark, New Jersey.

Trump campaign spokesperson Steven Cheung said it will leave “no front undefended” in its efforts to reach younger voters.

ByteDance is challenging in courts the law that requires it to sell TikTok by next January or face a ban. The White House says it wants to see Chinese-based ownership ended on national security grounds.

TikTok has argued it will not share U.S. user data with the Chinese government and that it has taken substantial measures to protect the privacy of its users.

Trump’s attempt to ban TikTok in 2020 when he was president was blocked by the courts. He said in March that the platform was a national security threat but also that a ban on it would hurt some young people and only strengthen Meta Platforms (NASDAQ:META)’ Facebook, which he has strongly criticized.

Trump already has an active social media presence with more than 87 million followers on X and over 7 million followers on his own platform, Truth Social, where he posts almost daily.

A U.S. appeals court last week set a fast-track schedule to consider the legal challenges to the new law.

The U.S. Court of Appeals for the District of Columbia ordered the case set for oral arguments in September after TikTok, ByteDance and a group of TikTok content creators joined with the Justice Department earlier this month in asking the court for a quick schedule.

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Investing.com — Here is your Pro Recap of the top takeaways from Wall Street analysts for the past week: upgrades for Dupont, Datadog and NetApp.

InvestingPro subscribers always get first dibs on market-moving rating changes.

Monday

U.S. markets closed for Memorial Day.

Dupont

What happened? On Tuesday, Citi upgraded Dupont (NYSE:DD) to Buy with $95 price target

What’s the full story? DD shares exhibited a robust reaction in the 1.5 days following the announcement, rising approximately 3%. The feedback from investors was positive – the prospect of operating as standalone businesses should generate value through targeted growth and portfolio clarity. Additionally, Citi sees potential from an electronics recovery and the easing of destocking in more challenged markets.

The most significant source of resistance lies in valuation, particularly concerning Electronics and then New DuPont (RemainCo). Upon revisiting the Sum of the Parts in the new construct, The analysts’ views are more reflective of solid earnings from electronics over the next 18 months.

Citi sees the potential for more detail on the separation as potential positive catalysts throughout the year.

Buy at Citi means “Buy (1) ETR of 15% or more or 25% or more for High risk stocks.”

How did the stock react? Dupont opened the regular session at $82.44 and closed at $82.08, a gain of 1.18% from the prior day’s regular close.

Mind Medicine

What happened? On Wednesday, well Tuesday after hours, Baird initiated coverage on Mind Medicine Inc (NASDAQ:MNMD) at Outperform with a $27 price target.

What’s the full story? Baird’s optimistic stance is primarily driven by the promising prospects of the company’s lead drug, MM120, a novel form of LSD designed to treat generalized anxiety disorder (GAD). In a pivotal phase 2b clinical trial, MM120 demonstrated a statistically significant improvement in GAD symptoms compared to a placebo. The results are particularly noteworthy as the observed therapeutic effect of MM120 was not only rapid in onset but also sustained over the entire 12-week duration of the study.

The brokerage house’s confidence is further bolstered by the recent decision of the FDA to award Breakthrough Therapy Designation to MM120. This designation is reserved for drugs that show substantial improvement over existing therapies for serious or life-threatening diseases. The fact that MM120’s impact was greater than that of currently approved treatments after just a single dose highlights its potential to be a game-changer in the GAD treatment landscape.

Considering the current market dynamics and the unmet medical needs within the GAD space, Baird views the market opportunity for MM120 as having blockbuster potential. The brokerage house’s analysis suggests that the drug could significantly disrupt the existing market, offering a new and potentially superior treatment option for patients suffering from GAD. This could translate into substantial financial success for the company, justifying the high expectations reflected in the $27 price target

Outperform at Baird means “Expected to outperform on a total return, risk-adjusted basis the broader U.S. equity market over the next 12 months.”

How did the stock react? Mind Medicine surged 6% after hours on Tuesday as the headlines circulate. As of the regular session open Wednesday, Mind Medicine opened at $8.90 and closed at $8.91, a gain of 6.64% from the prior day’s regular close.

Datadog Inc

What happened? On Thursday, BofA upgraded Datadog (NASDAQ:DDOG) to Buy with a $155 price target.

What’s the full story? Datadog, a service that aids organizations in monitoring application and infrastructure performance to ensure high-quality end-user experiences, is seen by the bank as a significant opportunity, estimated to be worth $53bn. The robust platform of Datadog, which boasts 22 products, is particularly appealing to spend consolidators and those seeking cutting-edge technology.

Furthermore, BofA anticipates that Datadog will consistently deliver a Rule-of-40+ profile, which means 20%+ revenue growth plus 20%+ free cash flow margin. This expectation places Datadog well above the 30% average for the infrastructure peer group, demonstrating the bank’s confidence in Datadog’s potential for sustained growth and profitability.

Buy at BofA means “Buy stocks are expected to have a total return of at least 10% and are the most attractive stocks in the coverage cluster.”

How did the stock react? Datadog opened the regular session at $123.38 and closed at $117.45, a decline of 3.48% from the prior day’s regular close.

NetApp

What happened? On Friday, JPMorgan upgraded NetApp (NASDAQ:NTAP) to Neutral with a $125 price target.

What’s the full story? JPMorgan’s updated perspective is driven by the company’s demonstrated capability to maintain its gross margins in the face of escalating NAND prices. This development stands in contrast to JPMorgan’s initial forecast, which anticipated a decline in margins due to the cost pressures.

In addition to the positive outlook on gross margins, JPMorgan continues to recognize NTAP’s distinct position in the market, particularly in terms of its Cloud services and its leadership in All-Flash Arrays (AFA) for on-premises solutions. However, this is tempered by a perceived lackluster macroeconomic performance when compared to its peers, who are currently experiencing a more immediate surge in demand driven by Artificial Intelligence (AI) advancements.

Neutral at JPMorgan means “over the duration of the price target indicated in this report, we expect this stock will perform in line with the average total return of the stocks in the Research Analyst’s, or the Research Analyst’s team’s, coverage universe.”

How did the stock react? NetApp opened the regular session at $119.75 and closed at $120.43, a gain of 3.73% from the prior day’s regular close.

Investing.com — Here are the biggest analyst moves in the area of artificial intelligence (AI) for this week.

InvestingPro subscribers always get first dibs on market-moving AI analyst comments. Upgrade today!

‘AI-enabled upgrade is coming:’ Apple reiterated as Top Pick at BofA

Bank of America reiterated Apple (NASDAQ:AAPL) stock as their Top Pick, maintaining a price target of $230.

In particular, Wall Street giant analysts are bullish about Apple’s transition from smartphones to “IntelliPhones,” predicting a significant multi-year upgrade cycle.

“We view the upcoming AI-enabled phones (IntelliPhones) to drive a multi-year upgrade cycle similar to the step function improvement driven by the introduction of smartphones,” the note stated.

BofA’s team believes that with a vast installed base of over four billion smartphones, the adoption of AI-enabled IntelliPhones will surpass the rapid uptake seen with smartphones and 5G.

IntelliPhones are expected to leverage advanced AI and machine learning for features such as superior personal assistance, language processing, health monitoring, enhanced photography, and AR/VR experiences, among other things.

Needham downgrades UiPath stock

Needham analysts on Thursday downgraded UiPath (NYSE:PATH) stock from Buy to Hold citing a mix of factors, including macroeconomic headwinds and a changing go-to-market (GTM) strategy.

“We downgrade PATH shares to Hold due to a combination of macro pressure, uncertainty around near-term execution due to a CEO change and a changing GTM strategy, and Y/Y margin compression creating an unfavorable near-term financial profile,” analysts wrote.

The investment firm noted that the company’s Q1F25 sales metrics were mildly disappointing, with large deals facing incremental scrutiny.

The recent CEO change back to founder Daniel Dines, following Rob Enslin’s departure, and multiple GTM changes are expected to cause near-term sales disruptions.

Net new annual recurring revenue (ARR) and revenue guidance were both lowered, which Needham believes is “conservative enough, but we think it will take multiple quarters for the GTM changes to start driving meaningful upside to guidance.”

Northland ups C3.ai to Buy amid accelerating subscription growth

Enterprise AI firm C3.ai (NYSE:AI) saw its shares upgraded by Northland analysts during the week from Market Perform to Outperform, with a target price of $35.

Analysts highlighted the company’s rising subscription growth in Q4 2024 as a key factor behind the upward revision.

“C3.ai posted accelerating subscription growth to 41% in 4Q24, providing evidence that the headwinds from a migration to a usage-based revenue model are abating,” analysts commented.

Looking forward, strong pilot expansion and demand for generative AI (genAI) signal continued high growth, they added.

Mizuho hikes price targets on chip stocks as AI moves to the edge

Japanese investment banking and securities firm Mizuho lifted its price targets on several chipmakers this week, including Micron Technology (NASDAQ:MU), Qualcomm (NASDAQ:QCOM), Seagate Technology PLC (NASDAQ:STX), and Western Digital (NASDAQ:WDC).

The move comes as Mizuho analysts believe the next catalyst for AI will be at the edge, as original equipment manufacturers (OEMs) push AI on-device capabilities for handsets and PCs.

The firm reiterated Buy ratings, raising price targets to $240 for Micron, $155 for Qualcomm, $90 for Seagate, and $110 for Western Digital.

Analysts highlighted Qualcomm’s ramp-up with AI PCs using Snapdragon X Elite and Plus, and the expected increase in AI smartphone shipments.

Moreover, AI PCs, requiring 40% to 80% more DRAM, and handsets needing 50% to 100% more DRAM, present tailwinds for Micron. Western Digital and Micron are also expected to benefit from higher NAND content in AI devices with improved pricing.

Meanwhile, Seagate stands out with higher storage content on PCs and increasing cloud capital expenditure. Mizuho forecasts 1 billion AI smartphones shipped from 2024 to 2027, with AI PCs comprising up to 60% of the PC market by 2027.

Dell is a ‘legit GenAI participant,’ says Loop Capital

In a new note to clients, analysts at Loop Capital reiterated a Buy rating on Dell Technologies (NYSE:DELL) shares and lifted their price target from $125 to $185, emphasizing the IT company is “progressing as a legit GenAI participant.”

“Dell continues to show legitimate GenAI progression the last 90 days which seemingly could progress through CY2025,” Loop analysts stated.

The investment bank pointed out Dell’s well-positioned stance for long-term commercial IT budget share, noting the company’s expanding capabilities across infrastructure products, services, and financing.

Dell identified a $2 to $3 attach revenue opportunity in services, networking, and storage for every $1 of GenAI server revenue.

“On storage specifically, there has been a suggestion in our work that for commercial (non-Hyperscale) Gen AI storage that after VAST Data & WEKA, DELL storage could be as well positioned as PSTG & NTAP, if not better positioned,” analysts wrote.

Analysts also highlighted that Dell has pre-purchased over $7 billion in NVIDIA (NASDAQ:NVDA) GPUs, significantly boosting inventory in the last 90 days. Dell expects to secure $10 to $15 billion worth of GPUs over the next six quarters, aligning with its potential Generative AI revenue of $9 to $10 billion in 2024 and possibly $15 billion in 2025.

Current guidance for Generative AI server revenue in 2024 is about $5 billion. Despite a slight decline in PC shipments and a 200 basis point drop in market share, Dell’s core commercial market exposure is expected to grow in late 2024 and 2025.

Investing.com — Friday’s all important non-farm payrolls report will be the highlight of the economic calendar in the coming week as markets try to gauge the future direction of U.S. interest rates. The European Central Bank is likely to deliver a rate cut that will put the Eurozone on a diverging rate path from the U.S. Meanwhile, OPEC is to decide on output cuts and the Bank of Canada will deliver its latest rate decision. Here’s your look at what’s happening in markets for the week ahead.

Jobs numbers

Fridays closely watched nonfarm payrolls report is expected to show that the U.S. labour market remained strong again in May. Economists are expecting the economy to have added 185,000 jobs, a modest uptick from the prior month.

Investors had been worried that an overly strong economy might prevent the U.S. Federal Reserve from lowering rates this year at all, or even require a rate rise. But those concerns were alleviated last month, albeit temporarily, by data showing slowing inflation and a cooling labour market.

Still, policymakers have urged patience on rate cuts, saying they would like to see several months of data to be sure inflation is heading back towards their 2% target. The employment report could prove the economy is losing steam if it shows the slowdown in job creation has continued.

ECB rate decision

The ECB is all but certain to become the first major central bank to cut interest rates this cycle on Thursday.

With a 25 basis point rate cut all but promised by policymakers market watchers will be focusing on what ECB President Christine Lagarde has to say about what comes next.

Inflation in the bloc’s dominant services sector remains sticky and its economy is recovering faster than expected, while a closely watched wage growth figure accelerated last quarter, leaving the outlook beyond June less certain.

Markets are still expecting the ECB will cut rates multiple times this year compared the Fed and the Bank of England though bets on future moves have been trimmed back.

They now expect two cuts and less than a 50% chance of a third – compared with three when the ECB last met and at least five at the start of the year.

OPEC output cuts

OPEC+ will likely agree on Sunday to prolong its deep oil output cuts into 2024 and possibly 2025 Reuters reported, as the group seeks to shore up the market amid tepid global demand growth, high interest rates and rising rival U.S. production.

Oil prices are trading near $80 per barrel, below what many OPEC+ members need to balance their budget. Worries over slow demand growth in top oil importer China have weighed on prices and oil market analysts expect OPEC+ to extend cuts to balance supply.

The Organization of the Petroleum Exporting Countries and allies led by Russia, together known as OPEC+, has made a series of deep output cuts since late 2022.

OPEC+ members are currently cutting output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand.

Wall Street

Despite all three major U.S. stock indexes posting losses last week they still ended the month higher, with the S&P 500 rising about 4.8%, the Nasdaq jumping 6.9% and the Dow climbing 2.4%.

While it’s been a banner year for the major U.S. stock indexes, one economically sensitive corner of the market remains a sore spot.

The Dow Jones Transportation Average has fallen about 5% so far this year and some investors have said the struggles for the 20-stock transport index – which includes railroad operators, airlines, package shipping companies and trucking firms – could signal weakness in the economy or prevent the broader market from making significant further gains unless they bounce back.

The Dow transports are “a barometer for future economic activity,” Chuck Carlson, chief executive officer at Horizon Investment Services told Reuters. “They may be indicating that while a recession isn’t imminent, that there is probably a slowdown in the economy that’s ahead here.”

Bank of Canada

The BoC is widely expected to deliver a 25-basis point rate cut at its upcoming meeting on Wednesday after data on Friday showed the country’s economy expanded at a slower than expected pace in the first quarter.

The GDP report indicated that Canada’s economy did not rebound from a soft patch last year as strongly as data initially suggested and may convince the central bank to start lowering borrowing costs.

“All ducks appear to be in a row for the Bank of Canada to kick-start the policy easing cycle and lower the overnight rate by 25 basis points to 4.75% on Wednesday,” RBC said in Friday note.

At the central bank’s last meeting in April Governor Tiff Macklem noted that the requirements for a rate cut appeared to be in place but that officials needed to see more evidence on slowing inflation.

–Reuters contributed to this report