The Russian military stated on Saturday that it used sea-launched Kalibr cruise missiles to destroy a large cargo of Western armaments in Ukraine’s Zhytomyr area, west of Kyiv.
The operation, according to the defence ministry, targeted “a huge shipment of weaponry and military equipment sent from the United States and European nations” for Ukrainian soldiers in the eastern Donbas region, where the fighting is focused.
According to the claim, which Reuters could not independently verify, Russian missiles hit gasoline storage facilities near Odesa on the Black Sea coast, shooting down two Ukrainian Su-25 planes and 14 drones, according to the claim.
The defence ministry also said Russia has targeted multiple Ukrainian command positions in its latest briefing on the battle, which Russia refers to as a “special military operation.”
Since Russia’s incursion on February 24, the West has increased weaponry deliveries to Ukraine, which Russia’s military is attempting to intercept and destroy. Moscow claims that the United States and its allies are conducting a “proxy war” against Russia by supplying armaments to Kyiv and imposing harsh sanctions on the Russian economy.
Cramer’s lightning round: AGNC Investment is not a buy
Citigroup Inc: “The book value is so different from where the common stock is, the price. Something is very wrong there.”
Jim Cramer says not to fear bearish economic talk from bank CEOs – there’s no ‘financial apocalypse’
“Don’t panic the next time you hear one of these bank CEOs say something terrifying — they don’t know the impact of their words,” he said, adding, “Sure, we’ve got plenty of problems, but they’re not financial apocalypse problems.”
The S&P 500 slipped for a fifth trading session on Wednesday as investors mulled the possibility of a recession.
“Memo to America’s bankers: Don’t try to frighten us. Don’t try to get us to sell everything,” Cramer said. “Don’t be Grinches telling us a hurricane could be coming.”
He urged the chief executives to remind investors of what’s going right in the Fed’s fight against inflation, and gave an example of what he believes one of the CEOs should have said:
“There will come a day when the Fed will be done tightening, although that may be when the S&P 500 is a good bit lower. But I don’t know if I want to take the chance of possibly missing the [next] big rally. Hey, maybe buy small,” he said.
Disclaimer: Cramer’s Charitable Trust owns shares of Wells Fargo.
Mortgage demand falls again even as rates sink further
David Paul Morris | Bloomberg | Getty Images
Mortgage application volume fell 1.9% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) decreased to 6.41% from 6.49%, with points decreasing to 0.63 from 0.68 (including the origination fee) for loans with a 20% down payment. That is 73 basis points lower than it was a month ago but still more than three full percentage points higher than it was a year ago.
Applications to refinance a home loan rose 5% for the week but were still 86% lower than the same week one year ago. There are still precious few current borrowers who can benefit from a refinance at today’s higher interest rates. The refinance share of mortgage activity increased to 28.7% of total applications from 26.1% the previous week.
Mortgage applications to purchase a home fell 3% for the week and were 40% lower than the same week one year ago.
“Purchase activity slowed last week, with a drop in conventional purchase applications partially offset by an increase in FHA and USDA loan applications,” noted Joel Kan, an MBA economist in a release.
The average loan size for homebuyer applications decreased to $387,300 — its lowest level since January 2021, which is consistent with slightly stronger government applications and a rapidly cooling home-price environment, according to Kan.
Mortgage rates haven’t moved much this week, with no significant economic news making headlines. The next big shift will likely come next week, with the much-anticipated monthly read on inflation.
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