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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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Putin’s Surprising Concession: U.S. and Europe to Offer Ukraine NATO-Style Security Guarantees

 

                                        U.S. President Donald Trump meets with Russia's President Vladimir Putin on Friday.


In a striking development from the recent summit in Alaska, Russian President Vladimir Putin has reportedly agreed to allow the United States and European allies to offer Ukraine security guarantees modeled after NATO’s Article 5 collective defense clause. This revelation came from U.S. special envoy Steve Witkoff, who described the concession as “game-changing”.

The agreement, reached during Putin’s meeting with former President Donald Trump, marks the first time Russia has signaled openness to such a framework. Witkoff emphasized that the U.S. could now provide “Article 5-like protection,” a key reason Ukraine has long sought NATO membership. European Commission President Ursula von der Leyen welcomed the move, stating that the EU and a “coalition of the willing” are prepared to contribute to these guarantees.

Ukrainian President Volodymyr Zelenskyy expressed cautious optimism, thanking the U.S. for its support but noting that the specifics of the guarantees remain unclear. He stressed the importance of turning these promises into practical protections and reiterated Ukraine’s desire for EU accession as part of its broader security strategy.

While the summit did not yield a ceasefire, Witkoff defended Trump’s pivot toward a comprehensive peace deal, citing progress on multiple fronts. Secretary of State Marco Rubio added that although sanctions remain an option, the administration is prioritizing diplomacy to end the war and secure Ukraine’s sovereignty.

This potential shift in Russia’s stance could reshape the geopolitical landscape and offer a new path toward peace in Ukraine.

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