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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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Trump Urges Israel to Halt Gaza Strikes as Hamas Signals Willingness for Peace

People, take part in a demonstration demanding the immediate release of all hostages and the end of war in Gaza, in Tel Aviv, Israel

President Donald Trump has called on Israel to immediately stop its bombing campaign in Gaza, citing Hamas’ partial acceptance of a U.S.-brokered peace plan. The move comes after Hamas announced it was prepared to release hostages and accept several elements of Trump’s 20-point proposal aimed at ending nearly two years of conflict.

Writing on his Truth Social platform, Trump declared that Hamas was “ready for a lasting PEACE” and insisted that Israel must halt airstrikes to allow for the safe release of hostages. Israeli Prime Minister Benjamin Netanyahu’s office confirmed that preparations were underway for the first stage of the plan, which includes the release of Israeli captives.

Despite Trump’s appeal, reports from Gaza indicated that Israeli strikes continued shortly after the announcement, with casualties reported in Gaza City and Khan Younis. The situation highlights the fragile nature of the negotiations, as Hamas has not agreed to disarm and insists that some aspects of the plan require broader Palestinian consensus.

International leaders, including UK Prime Minister Keir Starmer, described Hamas’ response as a “significant step forward” and urged all parties to seize the opportunity for peace. Still, with deep mistrust on both sides and ongoing military activity, the path to a lasting ceasefire remains uncertain.


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