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5 Things to Know Today: Canada Enters Recession, Oil Slips on Iran Ceasefire Talk

Saturday, May 30, 2026 — Your quick-hit Canadian financial briefing for the day. 1.Canada Officially Meets the Definition of a Technical Recession Statistics Canada confirmed Friday that real GDP contracted 0.1% on an annualized basis in Q1 2026 — following a revised 1.0% drop in Q4 2025 . That's two straight quarters of negative growth, which meets the technical definition of a recession. The miss was a big one: economists had forecast growth of 1.5% . The main culprits were a surge in imports (up 2.9%, largely gold), declining business capital investment (down 0.7% — its fifth consecutive quarterly drop ), and weakness in resource extraction and construction. On a per-capita basis, GDP actually edged up 0.2% as Canada's population shrank for the second quarter in a row. Not everyone is ready to call it a full recession: some economists note that three of the four weak months were isolated, and early April data points to a sharp 0.4% rebound . Still, the numbers ...
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Destruction in Deir al-Balah: Tragedy Unfolds After Israeli Airstrikes

In a heart-wrenching turn of events, the central town of Deir al-Balah and the Nuseirat camp in the Gaza Strip bore witness to devastating destruction caused by Israeli overnight airstrikes. The toll is staggering: at least 58 lives, including innocent children, have been lost, as confirmed by health officials and an Associated Press journalist.

The haunting images of rubble and shattered walls tell a grim tale. Between December 7 and 8, the Yaffa Mosque in central Deir al-Balah was obliterated, leaving the once-proud structure leveled. The neighboring Yaffa Hospital also suffered severe damage, its walls bearing the scars of conflict.

As the world grapples with the aftermath of this tragedy, we must not forget the human cost—the lives forever altered, the families shattered, and the pain etched into the hearts of those who survived. The international community must stand united in seeking peace and justice for the victims of this senseless violence.

Let us remember the names and faces of those lost, and let their memory fuel our collective resolve to prevent such horrors from repeating. 

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