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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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Russia Warns NATO and EU: Any Aggression Will Trigger ‘Decisive Response’

Russia's Foreign Minister Sergey Lavrov addresses the 80th United Nations General Assembly (UNGA), at the U.N. headquarters in New York City, U.S., September 27, 2025.

Russian Foreign Minister Sergey Lavrov issued a stark warning at the United Nations General Assembly, declaring that any act of aggression against Russia would be met with a “decisive response.” His remarks come amid heightened tensions between Moscow and NATO following a series of airspace incidents in Eastern Europe.

Lavrov dismissed claims that Russia intends to attack NATO or EU countries, insisting that Moscow has “never had and does not have such intentions.” However, he cautioned that attempts to down Russian aircraft or breach its sovereignty would be considered serious violations.

The warning follows reports of Russian fighter jets entering Estonian airspace and drones being intercepted over Poland, incidents that have alarmed European leaders. NATO has vowed to defend its territory against further incursions, while the United States reaffirmed its commitment to protecting “every inch” of alliance soil.

Lavrov also criticized what he described as “militaristic rhetoric” from Western leaders, while leaving the door open for dialogue with Washington. Despite the ongoing war in Ukraine, he emphasized that Russia remains open to “frank discussions” with the United States on diplomatic and security issues.


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