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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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A major power outage is reported in Spain and Portugal, disabling their capitals

 

A major power outage has struck Spain and Portugal, including their capitals, Madrid and Lisbon, causing significant disruptions across the Iberian Peninsula. The blackout has affected subway networks, phone lines, traffic lights, and ATM machines, leaving millions of residents grappling with the sudden loss of electricity.

Spanish power grid operator Red Eléctrica and Portuguese distributor E-Redes are working to restore power and stabilize the network. Early reports suggest the outage may be linked to issues in the European electricity system. The blackout has also impacted parts of France, further highlighting the scale of the problem.

Authorities in both countries have urged residents to limit travel and prioritize safety as traffic lights and public transportation remain non-operational. This rare and widespread outage has disrupted daily life, with courts halting work and mobile networks experiencing outages.

Efforts to restore power are underway, but the cause of the outage remains under investigation. This developing situation underscores the vulnerability of interconnected power systems and the need for robust infrastructure to prevent such incidents in the future.

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