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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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TikTok Restores Service in the U.S. Amidst Legal Uncertainty

 


TikTok has begun restoring its services in the United States after a brief shutdown, following assurances from President-elect Donald Trump. The popular video-sharing app was temporarily inaccessible to U.S. users over the weekend due to a court-ordered ban. However, Trump's recent executive order has provided temporary relief, allowing TikTok to come back online.

While the app is now accessible to U.S. users, it remains unavailable for download from Apple's and Google's app stores. The U.S. Supreme Court had upheld a federal law requiring TikTok's Chinese parent company, ByteDance, to sell the app to a non-Chinese buyer by Sunday. Trump's order extends the deadline, giving ByteDance more time to find an approved buyer.

Canadian TikTok users, unaffected by the U.S. ban, continue to enjoy uninterrupted access to the app. TikTok has also filed a legal challenge against Canada's dissolution order, which stopped short of banning the app but ordered the dissolution of its Canadian business.

The future of TikTok in the U.S. remains uncertain as discussions continue over national security concerns and potential ownership changes. Trump has expressed interest in a joint venture where a U.S.-based company would control a significant share of TikTok.



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