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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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Tragedy on the East River: Mexican Navy Ship Collides with Brooklyn Bridge

A Mexican Navy training ship, the Cuauhtémoc, struck the Brooklyn Bridge on Saturday night, snapping its three towering masts and killing two crew members. The vessel, which was on a global goodwill tour, was carrying 277 people when the collision occurred near the Brooklyn side of the East River. 

Eyewitnesses described a chaotic scene as sailors were left dangling from harnesses high above the deck, waiting for rescue. The impact also left at least 19 people injured, with four suffering serious injuries. 

New York City Mayor Eric Adams confirmed that the historic bridge sustained no major damage, and traffic resumed after an inspection. The cause of the crash remains under investigation, though preliminary reports suggest the ship may have lost power due to a mechanical failure. 

The Cuauhtémoc, a 297-foot-long vessel, had arrived in New York earlier in the week and was scheduled to continue its journey to Iceland. Mexican President Claudia Sheinbaum expressed condolences to the families of the deceased crew members, calling the incident a tragic loss. 

Authorities are now working to determine the exact circumstances that led to the collision, as the maritime community mourns the lives lost in this devastating accident.

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