5 things you need to know this morning: May 9, 2025

Start your day off right with five things you need to know this morning.

Five things you need to know

1. As oil prices fall, Canadian producers look more resilient than their US rivals

Oil prices are down to about US$60 a barrel this week on the back of fears of a slowdown in the global economy. But what does that mean for Canada's oil producers? Nothing good, that's for sure, but with a break-even price of about US$50 per barrel, the oilsands are in a better position than the US's shale wells, which have a break-even price of around US$65.

Oil prices are down. It means something different in Canada vs. the U.S https://t.co/7yO8kaRl22

— calgarynews (@calgarynews) May 9, 2025

2. How did the Liberals win the 2025 election? The boffins have taken a look

How on Earth did the Liberals turn what seemed like a near-certain hammering in the federal election into a modest victory? Abacus Data has been looking under the hood and has found that, unsurprisingly, the answer can be summed up with one name: Donald John Trump. It added: "The Canadian public was gripped by uncertainty, worried not just about immediate survival but the integrity of long-term societal structures."

This morning I published our firm’s - Abacus Data - post-election analysis which dives deep into the remarkable 2025 Canadian federal election—an election that defied predictions and reshaped our political landscape in unprecedented ways.

Throughout 2023 and 2024, Canadians were…

— Abacus Data (@abacusdataca) May 8, 2025

3. Putin and Xi celebrate defeat of Nazis in Moscow

Vladimir Putin was accompanied by Xi Jinping in Moscow today as Russia and its allies celebrated victory over the Nazis in the Second World War. The Russian president said his country "was and will be an indestructible barrier against Nazism, Russophobia, antisemitism," a clear reference to his claims, vehemently rejected by Kiev, that Ukraine is governed by anti-Russians and Nazis.

China’s Xi Jinping joins Vladimir Putin at Victory Day parade in Russia. pic.twitter.com/G1QwSIOCve

— South China Morning Post (@SCMPNews) May 9, 2025

4. Pope says Catholic Church must 'desperately' counter lack of faith

Newly enthroned Pope Leo XIV has led his first mass as leader of the Catholic faithful, saying the world's largest church must "desperately" counter a lack of religious belief. Instead of faith in God, Leo said, people are focusing more on "technology, money, success, power, or pleasure," adding: "A lack of faith is often tragically accompanied by the loss of meaning in life, the neglect of mercy, appalling violations of human dignity, the crisis of the family and so many other wounds that afflict our society."

Newly elected Pope Leo XIV began his first homily with words in English during Mass in the Sistine Chapel with the College of Cardinals. pic.twitter.com/BgiwQS8U8f

— Vatican News (@VaticanNews) May 9, 2025

5. New Zealand struggling with record emigration amid weakening economy

Some small towns in New Zealand are struggling to survive as the country's weak economy leads many young Kiwis to head abroad for opportunities. Record numbers of New Zealanders left the Pacific nation in 2023 and 2024, with the majority going to Australia for higher-paying work.

‘Hollowing out’: New Zealand grapples with an uncertain future as record numbers leave

Surge of departures – mostly fleeing a weak economy - fuels concern over the longer-term impact on the country as some small towns scramble for survivalhttps://t.co/tSvJOA2kqA

— TheNinetyNine% 🌹 (@themblogger31) May 9, 2025