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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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Usha Vance's Greenland Visit Amid U.S. Takeover Speculation

Second Lady Usha Vance is set to visit Greenland later this week, marking a significant moment as President Donald Trump continues to express interest in acquiring the Danish territory. The White House announced that Vance, accompanied by her son and a U.S. delegation, will explore historical sites, learn about Greenlandic heritage, and attend the Avannaata Qimussersu, Greenland's national dogsled race.

This visit comes amidst heightened tensions following President Trump's remarks about Greenland's strategic importance for national and international security. Trump has reiterated his desire to bring Greenland under U.S. control, citing its rich natural resources and geopolitical significance. Greenland's Prime Minister, Mute Egede, has criticized the visit as "highly aggressive," accusing the U.S. of demonstrating power over the territory.

While the White House has framed Vance's trip as a cultural celebration, the timing has raised eyebrows, especially as Greenland navigates its political future. The island's leaders have firmly rejected the idea of becoming part of the U.S., emphasizing their right to self-determination. 

The visit underscores the growing geopolitical interest in the Arctic region, with Greenland at the center of a complex tug-of-war between global powers. As the world watches, the implications of this visit could resonate far beyond the icy shores of Greenland.

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