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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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Fragile Progress: Israel–Hamas Talks Face Stumbling Blocks in Egypt

Smoke rises from an explosion in Gaza, as people attend a memorial to commemorate the two-year anniversary of the deadly October 7, 2023 attack on Israel by Hamas from Gaza, in Kibbutz Kfar Aza, as seen from southern Israel, October 7, 2025.

Delegations from Israel and Hamas have begun indirect negotiations in Sharm El-Sheikh, Egypt, in what mediators describe as the closest step yet toward ending the two-year war in Gaza. The talks, brokered by the United States, Egypt, and Qatar, are centered on U.S. President Donald Trump’s peace framework, which calls for a ceasefire, the release of hostages, and the flow of humanitarian aid into the devastated enclave.

While both sides have endorsed the broad principles of the plan, deep divisions remain. Israel insists on Hamas’s disarmament and the creation of a security buffer zone inside Gaza, while Hamas demands a full Israeli withdrawal and guarantees of a permanent ceasefire. The future governance of Gaza is also unresolved, with Trump’s proposal envisioning a transitional Palestinian body, a prospect that both Hamas and elements of Israel’s ruling coalition have resisted.

Despite the optimism expressed by Washington, the atmosphere remains tense. Israeli airstrikes continued even as negotiators met, and Hamas has warned that it will not surrender its weapons without a clear path to Palestinian statehood. With tens of thousands already killed and Gaza’s population facing dire humanitarian conditions, the outcome of these talks could determine whether the conflict edges closer to resolution—or slides back into prolonged bloodshed.


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