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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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Central Gaza Airstrike Claims Lives Amid Leadership Divisions

 

In a tragic incident, an Israeli airstrike in central Gaza resulted in the loss of 20 lives, predominantly women and children. The conflict continues to escalate across the region, with Israel’s leaders grappling over the governance of Gaza in the aftermath of the prolonged war, now entering its eighth month.

Prime Minister Benjamin Netanyahu faces criticism from his own War Cabinet, while his political rival, Benny Gantz, threatens to leave the government unless a comprehensive plan is formulated by June 8. This plan includes the establishment of an international administration for postwar Gaza. Meanwhile, U.S. national security adviser Jake Sullivan is engaging with Israeli leaders to discuss an ambitious proposal: Saudi Arabia recognizing Israel and assisting the Palestinian Authority in governing Gaza, in exchange for a path toward eventual statehood. Netanyahu, however, remains opposed to Palestinian statehood and insists on maintaining open-ended security control over Gaza, collaborating with local Palestinians unaffiliated with Hamas or the Western-backed Palestinian Authority.

As the discussions on postwar planning gain urgency, the conflict continues unabated. Recent weeks have seen Hamas regrouping in parts of northern Gaza that were heavily bombed earlier in the war. Israeli ground troops had already operated in these areas. The recent airstrike in Nuseirat, a Palestinian refugee camp dating back to the 1948 Arab-Israeli war, claimed 20 lives, including eight women and four children. Another strike on a street in Nuseirat resulted in five more casualties, according to the Palestinian Red Crescent emergency service. Additionally, a senior officer in the Hamas-run police was killed in Deir al-Balah, further escalating tensions.

The situation remains dire, with no clear end in sight. As the world watches, the toll of human suffering continues to mount, and the need for a lasting solution becomes increasingly urgent.

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