LONDON-Boris Johnson will resign as British prime minister later Thursday, officials said, after a full scale mutiny in his party. Mr. Johnson will remain in office until his replacement is found, these people said, a process that could take several months. It caps an astonishing fall from grace for a politician who until recently looked poised to dominate U.K. politics for years.
Following a string of scandals, two senior ministers and a wave of more-junior members of government quit over the past week, saying they no longer had confidence in the British leader. Mr. Johnson attempted to cling to power amid frenetic plotting by rebels to unseat him and a push by a group of cabinet members to have him resign. Until recently he had spoken of his intention to stay in office until the 2030s. But as his authority withered, and with the growing threat that the party would change its internal rules to hold a vote to oust him, he agreed to step aside.
India's Central Bank Takes Steps to Stem Rupee's Slide
India's central bank has relaxed debt-market rules for foreign portfolio investors and allowed commercial banks to raise interest rates on nonresidents' foreign-currency deposits in a bid to support the rupee and boost forex reserves.
"The Reserve Bank [of India] has been closely and continuously monitoring the liquidity conditions in the forex market and has stepped in as needed in all its segments to alleviate [U.S.] dollar tightness with the objective of ensuring orderly market functioning," it said late Wednesday.
Australia Posts Record Trade Surplus for May
SYDNEY-Australia's seasonally adjusted trade surplus rose to a record 15.97 billion Australian dollars (US$10.83 billion) in May, supported by a big jump in the value of exports over the month.
The value of exports jumped 9.5% on month to A$58.40 billion, driven by higher prices for coal, coke and briquettes, and other mineral fuels, the Australian Bureau of Statistics said Thursday.
Uvalde Police Officer Had School Shooter in Sight but Didn't Shoot, Report Finds
A police officer had the Uvalde school shooter in his rifle sight before the gunman entered Robb Elementary School but didn't fire because he believed he needed permission to take the shot, a report found.
The report, released by the Texas State University's Advanced Law Enforcement Rapid Response Training (ALERRT) Center on Wednesday, highlighted new details about the troubled response to the May mass shooting that left 19 children and two teachers dead.
After Highland Park Shooting, Illinois Officials Call for More Use of Red-Flag Law
Illinois lawmakers are discussing measures to give the state more authority to stop people who threaten violence from buying guns after the deadly shooting this week at a July Fourth parade in Highland Park.
Suspected gunman Robert Crimo III, who has been charged with seven counts of murder, obtained a permit required in Illinois to buy guns after encounters with police in 2019 in which he attempted suicide and threatened to kill his family.
Write to nihad.ahmed@wsj.com TODAY IN CANADA
Earnings:
Aritzia 1Q
Richelieu Hardware 2Q
---
Economic Indicators (ET):
0830 May International merchandise trade
1000 Jun Ivey Purchasing Managers Index
---
Stocks to Watch:
Dye & Durham Makes Revised A$4.70 Per Shr Acquisition Proposal to Link Group; Dye & Durham: Believes That This Second Revised Proposal Will Give Greater Certainty to Link Group Hldrs Regarding Transaction and Will Lead to Its Successful Completion
---
Advantage Energy: Due to Outperformance at Glacier, Wembley and Valhalla, 2Q Production Increased to Average Approximately 60,000 Boe/d; Advantage Energy: Lending Syndicate Removes Fixed Limits on Shr Buybacks and Replaces Them With a Liquidity-Based Limit
---
Lundin Gold Reports 2Q Gold Production of 111,890 Ounces, Is on Track to Meet 2022 Guidance
Expected Major Events for Thursday
05:00/JPN: May Indexes of Business Conditions - Preliminary Release
06:00/GER: May Industrial Production Index
06:00/UK: 2Q Halifax House Price Index: UK Regional Breakdown quarterly release
06:00/UK: Jun Halifax House Price Index
11:30/US: Jun Challenger Job-Cut Report
12:15/US: Jun CANCELLED: ADP National Employment Report
12:30/CAN: May International merchandise trade
12:30/US: May U.S. International Trade in Goods & Services
12:30/US: 07/02 Unemployment Insurance Weekly Claims Report - Initial Claims
13:00/RUS: Weekly International Reserves
14:00/CAN: Jun Ivey Purchasing Managers Index
14:30/US: 07/01 EIA Weekly Natural Gas Storage Report
15:00/US: 07/01 EIA Weekly Petroleum Status Report
16:00/US: Jun Monthly U.S. Retail Chain Store Sales Index
20:30/US: Foreign Central Bank Holdings
20:30/US: Federal Discount Window Borrowings
23:01/UK: Jun BRC-Sensormatic IQ Footfall Monitor
23:30/JPN: May Household Spending
23:50/JPN: Jun Bank Lending
23:50/JPN: Jun International Transactions in Securities
23:50/JPN: 1Q Revised Balance of Payments
23:50/JPN: May Balance of Payments
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Thursday
Aritzia is expected to report $0.28 for 1Q.
Bank Of South Carolina (BKSC) is expected to report for 2Q.
Buckle Inc (BKE) is expected to report.
Byrna Technologies Inc (BYRN,BYRN-L) is expected to report for 2Q.
Caldwell Partners International Inc (CWL.T) is expected to report for 3Q.
Capstone Green Energy Corp (CGRN) is expected to report for 4Q.
Costco Wholesale Corp (COST) is expected to report.
Goodfellow is expected to report for 2Q.
Kayne Anderson Energy Infrastructure Fund Inc (KYN) is expected to report for Full year.
Kura Sushi USA Inc (KRUS) is expected to report for 3Q.
Levi Strauss & Co (LEVI) is expected to report $0.23 for 2Q.
National Energy Services Reunited Corp (NESR) is expected to report $0.11 for 1Q.
Nautilus (NLS) is expected to report $-0.72 for 1Q.
Park Aerospace Corp (PKE) is expected to report for 1Q.
Postmedia Network Canada (PNC.A.T,PNC.B.T) is expected to report for 3Q.
Richelieu Hardware is expected to report $0.71 for 2Q.
Singularity Future Technology Ltd (SGLY) is expected to report for 3Q.
Tilray Inc (TLRY) is expected to report $-0.08 for 4Q.
Universal Security Instruments Inc (UUU) is expected to report for 4Q.
Velan Inc (VLN.T,VLNSF) is expected to report for 1Q.
WD 40 (WDFC) is expected to report $1.30 for 3Q.
Powered by Onclusive and Dow Jones.
ANALYST RATINGS ACTIONS
D&B Raised to Neutral From Underperform by B of A Securities
Enanta Pharmaceuticals Raised to Outperform From In-Line by Evercore ISI Group
Evolution Petroleum Cut to Neutral From Buy by Roth Capital
Harpoon Therapeutics Coverage Assumed by Canaccord Genuity at Buy
HCA Healthcare Cut to Underperform From Market Perform by BMO Capital
Investor Concerns Over Buyout Prices Reflected in Stock Trading -- Update
Neoleukin Therapeutics Coverage Assumed by Canaccord Genuity at Buy
Olema Pharmaceuticals Coverage Assumed by Canaccord Genuity at Buy
Rocket Cos. Raised to Overweight From Equal-Weight by Wells Fargo
Xencor Coverage Assumed by Canaccord Genuity at Buy
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
07-07-22 0539ET
