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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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Bitcoin Rally Cools After 30% Surge Post-Trump Victory

 

The recent Bitcoin rally, which saw the cryptocurrency jump by approximately 30% following President-elect Donald Trump's victory, has started to cool off. Bitcoin reached a record high of $89,968 on Tuesday but has since stabilized around $87,900 as of Wednesday morning in London.

Trump's unexpected support for cryptocurrencies has been a significant factor in this surge. He has pledged to create a friendly regulatory framework for crypto, establish a strategic Bitcoin stockpile, and position the U.S. as a global hub for the industry. This shift in stance has spread optimism across the crypto market, leading to the recent price spike.

However, analysts caution that while further gains are possible, much of the positive news is already priced in. The market is now awaiting upcoming U.S. inflation data, which could influence the Federal Reserve's decisions on interest rates and impact Bitcoin's trajectory.

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