LONDON (ShareCast) - A pretty flat morning in New York as the oil sector dragged down equities following a profit warning by Baker Hughes .

Ben Bernanke and Tim Geithner, Federal Reserve Chairman and Treasury Secretary respectively, have made great play of the differences between the US and European economies. Both have made clear that the United States is in a much stronger position than Europe.

Geithner said: "The main risk for the U.S. is that the large European countries endure a long period of weak economic growth."

Bernanke said US banks are in a “more solid” position than two years ago. He cautioned, though, that the increase in energy prices could affect "short-term economic growth."

ECONOMY

Previously occupied home sales fell in February by 0.9% to 4.59 million units, according to data released by the National Association of Realtors (NAR). The consensus was for a rise of 0.7%.

According to the NAR's chief economist, Lawrence Yun: "The underlying factors are much stronger than a year ago. The market moves upward unevenly..."

BUSINESS

Hewlett-Packard will combine its imaging and printing division with the personal systems unit, in order to cut costs.

Hartford Financial Services has sold much of its life insurance business to focus on Property and Casualty Insurance.

Goldman Sachs has raised its recommendation on LinkedIn to buy from neutral.

Baker Hughes says its first quarter pre-tax earnings will be lower than the previous three months due to the "changing" market.

OTHER MARKETS

May futures contracts on a barrel of West Texas crude gained 0.61% to $107.46 on the NYMEX.

The yield on 10-year treasuries dropped 5 basis points to 2.31%.

The euro is down -0.15% against the dollar at $ 1.3206.

BS

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