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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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Faith Meets Film: Pope Francis Welcomes Hollywood Stars to Vatican

 

                    Spike Lee gave the pontiff a New York Knicks basketball shirt emblazoned with 'Pope Leo 14'.


Pope Francis recently hosted a gathering of Hollywood stars at the Vatican, underscoring the cultural power of cinema while lamenting the decline of traditional movie-going. The event brought together actors, directors, and producers in a dialogue about the role of storytelling in shaping values and inspiring hope.

The Pope praised film as a medium that can bridge divides and foster empathy, but expressed concern that fewer people are experiencing movies in theaters, where the communal aspect of watching together strengthens human connection. He encouraged filmmakers to continue creating works that uplift the human spirit and resist the trend toward isolation in entertainment consumption.

The Vatican’s embrace of Hollywood highlights the Church’s recognition of art as a vital force in modern society, capable of sparking reflection and dialogue across cultures.


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