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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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Biden Labels Debate Performance as 'Bad Night'; Senior Democrats Support Continuation of Campaign

In a recent development on the U.S. political front, President Joe Biden openly acknowledged a lackluster performance in a recent debate, describing it as 'a bad night'. Despite this critique of his own showing, influential members of the Democratic Party have indicated they will not advocate for Biden's withdrawal from the presidential race.

The comment by Biden highlights the competitive nature of the electoral process as the campaign season heats up. The debated event has been recognized for its pivotal moments, with candidates facing challenges in articulating their policy positions and demonstrating leadership capabilities to the electorate.

Senior Democrats, while acknowledging the significance of debate performances in shaping public opinion, have reiterated their support for Biden's candidacy. Their stance underscores a unified front within the party, emphasizing continuity and resilience as they navigate through the upcoming electoral hurdles.

The steadfast backing from prominent Democratic leaders reflects their confidence in Biden's ability to maneuver through the complexities of the presidential contest and effectively communicate his vision for the nation. As the election cycle progresses, Biden continues to emphasize the achievements of his administration and outline future policy objectives aimed at resonating with a diverse electorate.

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