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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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Starship's Fiery Setback: SpaceX Faces Another Explosion

SpaceX's ambitious Starship program encountered another hurdle as its massive spacecraft exploded during its eighth test flight. The incident occurred shortly after liftoff from the Boca Chica launch site in Texas. The upper stage of the rocket spun uncontrollably before breaking apart, scattering fiery debris over the Caribbean.

This marks the second consecutive failure for the Starship program this year, following a similar mishap during its seventh test flight. Despite these setbacks, SpaceX remains committed to refining the rocket, which is central to Elon Musk's vision of future crewed missions to the Moon and Mars.

The Federal Aviation Administration (FAA) has launched an investigation into the incident, temporarily halting air traffic in parts of Florida due to concerns over space debris. SpaceX has described the explosion as a "learning opportunity" and plans to implement safety improvements for future launches.

While the Super Heavy booster successfully returned to the launch pad, the failure of the upper stage highlights the challenges of developing cutting-edge space exploration technology. SpaceX continues to push the boundaries, undeterred by these fiery setbacks.

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