In late June 2024, Oakland mayor Sheng Thao's house was raided by the FBI, investigating corruption.

https://deepnewz.com/sf/oakland-mayor-defiant-after-fbi-raid-attorney-resigns-amid-political-turmoil

Since then she's made bizarre statements blaming a right wing conspiracy and declaring her innocence. Her lawyer quit after she made a public statement without his knowledge.

But as of June 27th, she has not yet resigned. She has attended City Council meetings, however reportedly left mid-meeting and did not come back.
https://x.com/YayAreaNews/status/1806172741525274833

The markets will resolve according to media reports.

What will happen? Will she resign? If so when. Will she be charged or arrested? Will her recall appear on the November ballot... and if so will voters vote out their mayor?

Remember that in California, any public official can be "recalled" via ballot initiative. Most famously this is how Arnold became governor.

All markets will be resolved shortly after November 5th election.