Market Turmoil Continues: First Republic, JPMorgan, China, Buffett, and Manufacturing Suffer

First Republic Bank has collapsed and its assets have been sold to JPMorgan. The US Institute for Supply Management (ISM) will release its April index of manufacturing activity, which is expected to show an improvement from March's three-year low but still mark the sixth straight month of contraction. Deutsche Bank notes that at this point, recession is inevitable. However, the tone of the commentary in the last ISM report wasn't as dire as the headline numbers, suggesting Corporate America isn't entirely pessimistic.