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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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India and UK Forge Stronger Ties with Landmark Trade Deal

Keir Starmer and Narendra Modi attend the India-UK CEO Forum at Jio World Convention Centre in Mumbai, India.

Indian Prime Minister Narendra Modi and British Prime Minister Keir Starmer hailed the transformative potential of the recently signed India–UK Free Trade Agreement (FTA) during their joint engagements in Mumbai.

The deal, finalized in July 2025, is projected to boost bilateral trade by £25.5 billion ($34 billion) by 2040, cutting tariffs on goods ranging from textiles to whisky and cars, while expanding market access for businesses in both nations.

Starmer, leading the largest-ever UK business delegation to India, emphasized that the agreement represents Britain’s most significant trade pact since Brexit. He noted that in just three months since signing, trade and investment flows have already risen by £6 billion.

Modi described India and the UK as “natural partners,” highlighting the synergy between India’s economic dynamism and Britain’s expertise. He expressed confidence that bilateral trade, currently valued at $56 billion, could double well before the 2030 target.

Beyond trade, the visit also unveiled £1.3 billion in new Indian investments in the UK, collaborations in defence, renewable energy, and artificial intelligence, and approvals for UK universities to establish campuses in India.

Both leaders framed the agreement as more than an economic pact—calling it a strategic partnership that strengthens cultural, educational, and technological ties while creating thousands of high-skilled jobs on both sides.


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