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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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Israel Approves Ceasefire Deal with Gaza, Hostages to be Released

 

In a significant move towards peace, Israel’s security cabinet has approved a ceasefire deal with Hamas, paving the way for the release of dozens of hostages held in Gaza. The agreement, which is expected to take effect as early as Sunday, aims to halt the 15-month-long conflict that has caused widespread devastation in Gaza.

Under the terms of the deal, Hamas will release 33 Israeli hostages, including women, children, and elderly men, in exchange for hundreds of Palestinian prisoners held by Israel. The ceasefire is set to begin with a six-week phase, during which Israeli forces will withdraw from several areas, allowing hundreds of thousands of Palestinians to return to their homes.

The approval of the ceasefire deal comes after intense negotiations and last-minute complications. Despite opposition from hardliners within Prime Minister Benjamin Netanyahu’s coalition, the deal was ultimately approved by the security cabinet and is now awaiting final approval from the full cabinet.

The ceasefire and hostage release are seen as a crucial step towards easing hostilities in the region and providing much-needed humanitarian relief to the people of Gaza. The international community has welcomed the agreement, hoping it will lead to a lasting peace in the Middle East.




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