US trade deficit shrinks to $43bn in Feb

THE US trade deficit edged lower in February after a big jump in January, government data released on Friday shows.

The Commerce Department reported the trade gap shrank to $US43 billion ($A41.4 billion), down from the revised $US44.5 billion in January.

The decline, which came after a large 16.7 per cent deficit increase in January, surprised analysts who had projected a deficit of $US44.7 billion.

US exports grew 0.8 per cent to $US186 billion, strengthened by the exports of industrial goods (up 4.5 per cent) and cars (up 1.6 per cent).

Meanwhile, US imports held steady at $US228.9 billion.

US imports of crude oil, which represent more than 10 per cent of imported goods by the US, dropped 5.6 per cent to $US23.6 billion.

But US imports of foreign cars rose 4.6 per cent between January and February to reach $US24.8 billion.

On a 12-month basis, the US trade deficit has dropped by 3.5 per cent.

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Canada unemployment rate rises to 7.2%

A LOSS of 55,000 jobs in March pushed Canada's unemployment rate up 0.2 per centage points to 7.2 per cent, its government statistics agency says.

Fewer people were working in accommodation and food services, public administration and manufacturing, while there was little change in all other industries, said Statistics Canada on Friday.

The private sector shed 85,000 employees while the ranks of the self-employed rose by 39,000.

There was little change in the number of public sector jobs.

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US stocks plunge after disappointing jobs

US stocks have pared back sharp losses as traders digested a surprisingly weak March labour report and watched rising global tensions with North Korea.

The Dow Jones Industrial Average dropped 40.86 points (0.28 per cent) to 14,565.25.

The broad-based S&P 500 slid 6.70 (0.43 per cent) to 1,553.28, while the tech-rich Nasdaq Composite Index shed 21.12 (0.65 per cent) at 3203.86.

The main indices had plunged in opening trade, shedding more than 1.0 per cent, reeling from jobs data that came in far below expectations.

The Labor Department reported the US added only 88,000 nonfarm jobs in March, a third of the February gain and the slowest jobs growth in nine months.

Employment growth tanked far below the average analyst estimate of 192,000 jobs.

The Labor Department also reported the unemployment rate ticked down 7.6 per cent from 7.7 per cent in February, due to people dropping out of the workforce.

The pullback in jobs gains "was simply awful," said Fred Dickson, chief investment strategist at DA Davidson & Co.

"This piece of economic data adds some uncertainty regarding an economic surge needed near-term to push stock prices meaningfully higher."

Market sentiment was also under pressure from the worries regarding North Korean intentions after reports indicated Pyongyang had ordered two missiles to be relocated to North Korea's east coast, Briefing.com said.

Financials and tech stocks were under pressure. On the Dow, American Express slid 2.8 per cent, IBM fell 0.9 per cent and United Technologies was down 0.6 per cent.

Blue-chip Microsoft reversed losses and gained 0.4 per cent.

Oil majors Chevron and ExxonMobil fell 0.5 per cent and 0.9 per cent respectively.

Dow member Hewlett-Packard shed 1.5 per cent after announcing its non-executive chairman Raymond Lane has decided to step down in a shakeup of the board of directors at the struggling US computer giant.

On the Nasdaq, heavyweight Apple fell 1.1 per cent

Wall Street stocks had scored modest gains Thursday after the Bank of Japan's monetary stimulus plan boosted sentiment. The Dow rose 0.38 per cent, the S&P 500 added 0.40 per cent and the Nasdaq climbed 0.20 per cent.

Bond prices soared. The yield on the 10-year Treasury plummeted to 1.69 per cent from 1.76 per cent Thursday, while the 30-year yield skidded to 2.86 per cent from 2.99 per cent.

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Fidel Castro breaks 9-month hiatus

Cuban revolutionary leader Fidel Castro has called for North Korea and the US to avoid hostilities. Source: AAP

CUBAN revolutionary leader Fidel Castro has called for long-time ally North Korea and the United States to avoid hostilities on the Korean peninsula.

"If war breaks out there, the peoples of both parts of the peninsula will be terribly sacrificed, without benefit to all or either of them," he said in a column published in Cuban state media.

"Now that (North Korea) has demonstrated its technical and scientific achievements, we remind her of her duties to the countries which have been her great friends, and it would be unjust to forget that such a war would particularly affect more than 70 per cent of the population of the planet."

Castro, 86, reminded the US of its duty to avoid a clash, amid mounting tensions this year between North and South Korea.

"If a conflict of that nature should break out there, the government of Barack Obama in his second mandate would be buried in a deluge of images which would present him as the most sinister character in the history of the United States," he said.

"The duty of avoiding war is also his and that of the people of the United States."

Cuba is one of the last remaining allies of the communist government in Pyongyang.

"The Democratic People's Republic of Korea was always friendly with Cuba, as Cuba has always been and will continue to be with her," Castro wrote.

"I had the honour of meeting Kim Il-sung, a historic figure, notably courageous and revolutionary."

Kim Il-sung was the founder of North Korea and grandfather of Kim Jong Un, the new leader of the reclusive Pyongyang regime.

Tension ratcheted up this week on the peninsula, as North Korea has threatened nuclear strikes and moved missiles, with the South and the US positioning missile defences in response.

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Strong 6.2 quake rocks Russia near NKorea

A POWERFUL 6.2 magnitude earthquake has struck in eastern Russia near the border with China and North Korea.

The US Geological Survey says the epicentre of the quake was southwest of Vladivostok, around nine kilometres from the Russian border town of Zarubino, at a depth of 561 kilometres.

There were no immediate reports of casualties or damage from the tremor, which struck seconds after 12 am Saturday local time.

A 6.1-magnitude quake struck Russia's far east last month, and a 6.9 quake rocked the region in February. Neither caused significant damage.

An underground formation in the area known as the Kuril-Kamchatka arc is considered one of the most seismically active regions in the world.

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US trade deficit shrinks to $43bn in Feb

THE US trade deficit edged lower in February after a big jump in January, government data released on Friday shows.

The Commerce Department reported the trade gap shrank to $US43 billion ($A41.4 billion), down from the revised $US44.5 billion in January.

The decline, which came after a large 16.7 per cent deficit increase in January, surprised analysts who had projected a deficit of $US44.7 billion.

US exports grew 0.8 per cent to $US186 billion, strengthened by the exports of industrial goods (up 4.5 per cent) and cars (up 1.6 per cent).

Meanwhile, US imports held steady at $US228.9 billion.

US imports of crude oil, which represent more than 10 per cent of imported goods by the US, dropped 5.6 per cent to $US23.6 billion.

But US imports of foreign cars rose 4.6 per cent between January and February to reach $US24.8 billion.

On a 12-month basis, the US trade deficit has dropped by 3.5 per cent.

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US to return some Okinawa land to Japan

THE United States has agreed on a plan to return land occupied by its military to Japan in a bid to break the deadlock in a long-stalled deal.

Prime Minister Shinzo Abe and US Ambassador John Roos issued a joint statement on the agreement on Friday, under which five US military facilities and other areas on Okinawa's main island will return to Japan over the coming years.

Tokyo and Washington also agreed they will return land currently occupied by the controversial Futenma airbase "in fiscal 2022 or later" the joint statement said.

"I am glad to see the long-stalled issue move forward," Abe said in a meeting with the ambassador in front of reporters.

"It is extremely significant for our efforts to reduce burdens on Okinawa."

US Defense Secretary Chuck Hagel later called the move a "new and important milestone" that would reduce the military footprint on the island, in a statement issued by his office.

He added that some US Marine Corps forces would relocate to Guam and Hawaii.

The deal comes after years in which a plan to move the US Marine Corps' Futenma base from a crowded residential area have been stuck in stasis because of vocal opposition from islanders.

Locals want the base moved off Okinawa altogether, arguing that the island bears an unequal burden hosting the lion's share of the 47,000 US service personnel stationed in Japan.

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