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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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NY Attorney General Letitia James Indicted on Mortgage Fraud Charges Amid Trump Feud

James, a Democrat, said she would continue serving as New York state's top law enforcement official and called the charges 'a continuation of the president's desperate weaponisation of our justice system'.

New York Attorney General Letitia James, a prominent political adversary of President Donald Trump, has been indicted on federal charges of bank fraud and making false statements to a financial institution. A grand jury in Virginia returned the indictment, alleging that James misrepresented a Norfolk, Virginia property as her secondary residence in order to secure more favorable mortgage terms, saving nearly $19,000 over the life of the loan.

James, who previously led a high-profile civil fraud case against Trump and his businesses, dismissed the charges as politically motivated. In a statement, she called the indictment “a continuation of the president’s desperate weaponization of our justice system” and vowed to fight the case vigorously.

The case is being prosecuted by U.S. Attorney Lindsey Halligan, a Trump appointee who has also brought charges against other Trump critics, including former FBI Director James Comey. Legal experts note that the relatively small financial stakes in the case raise questions about whether the prosecution is more about politics than law.

James is scheduled to appear in court on October 24. If convicted, she could face up to 30 years in prison per count, though sentencing would ultimately be determined by a judge.


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