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5 Things to Know Today — June 21, 2026

  Whether you're starting your week or wrapping up your weekend, here are the five Canadian money stories shaping your financial picture right now. 1 Canada Is Technically in a Recession — And the Political Fight Is On Canada's GDP contracted 0.1% on an annualized basis in Q1 2026, following a 1% decline in Q4 2025 — two consecutive quarters of negative growth that meet the textbook definition of a technical recession. Prime Minister Mark Carney has called it a "settling-in period" tied to his government's restructuring of the economy in response to the U.S. trade war. Conservative Leader Pierre Poilievre has been relentless in his counter-offensive, pointing to rising insolvencies, job losses and food bank usage as proof that the downturn is real, not technical. Many economists, including BMO's chief economist Douglas Porter, have noted that a future revision to Statistics Canada's data could erase the slim 0.1% contraction — meaning this may not ultimate...
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Southern Europe Braces for Prolonged Heat Wave Amid Wildfire Concerns

 


Greek authorities have issued a warning about an impending weeklong heat wave during the summer tourist season. Much of southern Europe is sweltering under high temperatures, with a high risk of dangerous wildfires. The heat wave, expected to last at least a week, comes after June 2024 was declared the hottest June on record in Greece. Southwesterly winds from Africa are driving temperatures to sometimes exceed 40 degrees Celsius (104 Fahrenheit) until July 19.

In neighboring North Macedonia, authorities have also taken action. They’ve issued a weeklong heat alert starting Friday in the small, landlocked Balkan country. People are urged to stay indoors when possible and avoid heavy labor during the hottest hours of the day. Emergency measures include keeping pregnant women and people over 60 off work, banning construction from 11 a.m. to 5 p.m., and moving kindergarten classes indoors after 11 a.m. Health officials have reported an increase in heat-related health problems, and wildfires have surged, with 14 registered nationwide in the past 24 hours.

Greece, too, faces a very high risk of wildfires, and this summer has been described as the most dangerous in the past 20 years. Unusually dry winter and spring conditions have left vegetation and forests tinder-dry. Greek firefighters, aided by drones and a strengthened fleet of water-bombing aircraft, have battled over 2,000 wildfires since June. While most were contained quickly, the threat remains. Let’s hope for cooler days ahead and vigilance in fire prevention efforts. 


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