(NYSE: MOS) announced that its second quarter net earnings jumped to $959.8 million or $2.15 a share from $394.0 million or 89 cents a share in the comparable period a year ago. Quarterly revenue increased 36.9% to $3.01 billion from $2.20 billion. Mosaic added 89 cents or 2.36% to end at $38.56 on Tuesday.
Minutes from the Federal Reserve's most recent policy meeting showed policymakers deliberated upon the threat of prolonged recession and deflation. The statement said "the distinct possibility of a prolonged contraction, although that was not judged to be the most likely outcome. Inflationary pressures were likely to dissipate, and "some members saw significant risks that inflation could decline and persist for a time at uncomfortably low levels."
According to National Association of Realtors, US pending home sales Index fell 4% to 82.3 in November from October's downwardly revised reading of 85.7. November's reading is the lowest level since the series began in 2001.
A release by US the U.S. Census Bureau on Tuesday showed new orders for manufactured goods fell for the fourth straight month in November. Factory Orders fell $18.7 billion or 4.6% to $384.6 billion in the month. Economists had projected a drop of 2.3%.
Separately, Institute for Supply Management said on Tuesday that services sector contracted less than expected in December. The ISM Services index rose to 40.6% in December from record low of 37.3% in prior month. Economists on average had projected a reading of 37% for the month of December.
A release by EU statistics office Eurostat on Tuesday showed inflation in the eurozone fell by more than expected in December to 1.6%, a 26 month low. Earlier, in November inflation had stood at 2.1%. Euro plunged against the greenback as today's data fueled rate cut hopes.
European stocks finished higher. The U.K. FTSE rose 59.28 points or 1.29% to 4,638.92. The DAX index of Germany and French CAC added 0.85% and 1.09% respectively.
Asian stocks settled mixed. The Nikkei 225 advanced 37.72 points or 0.42% to close at 9,080.84.Hong Kong's Hang Seng Index fell 53.80 points or 0.35% to 15,509.51.
NYMEX crude oil for February delivery declined 21 cents or 0.4% to settle at $48.60 a barrel.
Disclosure: Author does not own any of the stocks discussed here.
