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The 10-Point: My Guide to the Day's Top News

The Wall Street Journal
Good morning,
Historic Exit
Britons voted to leave the European Union in a startling rebuke that rattled financial markets and threatens to spark political turmoil in the U.K. and weaken a continent already strained by multiple crises. With all voting areas counted, Leave beat Remain 51.9% to 48.1% early Friday, severing the U.K.’s ties with the EU after 43 years. The vote instantly reshaped the political legacy of U.K. Prime Minister David Cameron, who led the “Remain” effort and said this morning he will resign. Boris Johnson, the former London mayor who campaigned for “Brexit,” scored a major victory. He hailed the result as a “glorious opportunity” for a fresh start for Britain in the world and said the EU had outlived its historic mission. He is now a leading candidate to succeed Mr. Cameron. The market moves as the result emerged were enormous. Sterling went from a high for the year to its lowest level since 1985. It was a brutal drubbing for investors who had stacked up bets that the U.K. would choose to stay. Nothing was spared from the tumult.
New World Order
The U.K. and the EU now must navigate an unprecedented separation while trying to prevent political and economic dislocation. The vote isn’t legally binding, so Parliament must pass laws to make Britain’s exit a reality. For leaders in the EU, the vote raises fears of further disintegration and raises hopes for nationalist politicians in the Netherlands, France and elsewhere will likely seek to follow. European businesses must adjust to a new landscape, while the result is also expected to jolt the U.S. economy, likely rattling restive equity markets and driving up the value of the dollar and pushing down already low bond yields. The vote battered the pound, pushed down stocks in Asia and points to a day of turbulence across the world’s financial markets.
Split Court
A deadlocked Supreme Court on Thursday killed President Barack Obama’s plan to defer deportation and provide work authorization for millions of illegal immigrants, pushing the issue to the forefront of the 2016 election. Although the high court’s 4-4 vote established no new precedent, it effectively put an end in effect to Mr. Obama’s effort to extend his executive authority over immigration to the outer limit. The one-sentence ruling was the latest defeat for Mr. Obama in the courts, which recently have stymied some of his administration’s top policy goals. The outcome doesn’t require the administration to begin deportations of the affected immigrants, but it does halt the government’s plan to normalize their presence by granting them authorization to work. Also yesterday, a divided court upheld racial preferences in public-university admissions, a defeat to a yearslong conservative drive to roll back affirmative action.
A Brush With Greatness
WSJ. Magazine’s July/August issue features the incomparable Serena Williams, the oldest women’s tennis player to ever be ranked No. 1. The defending Wimbledon champion speaks candidly about her victories, losses and life off the court, including her interest in fashion and philanthropy, as well as her recent cameo in Beyoncé’s new album, “Lemonade.” Another legendary figure, considered by many to be the world’s greatest living painter at 84, the elusive Gerhard Richter provides a rare window into his process ahead of an exhibition of new work at the Marian Goodman Gallery in New York. Elsewhere in the issue we focus on a diverse group of new talents, including the dynamic duos behind Danish design firm HAY and Single Thread, the latest addition to Sonoma County’s restaurant-and-inn scene
TODAY'S VIDEO
Back to School
That Was Painless
In an old-school approach to adult education, senior citizens in northeastern Thailand don the kind of uniforms they wore back in high school to attend weekly life-skills classes.
TOP STORIES
U.S.

Freddie Gray Case: Officer Who Drove Van Found Not Guilty

On the Trail, Donald Trump’s Brand Gets a Boost
WORLD

U.S.-Backed Forces Enter Key Syrian City Held by Islamic State

Turkey’s Rift With Moscow Frays Ties With Turkic Kin
BUSINESS

U.S. Oil Companies Crank Up Production in Gulf of Mexico

Macy’s Longtime Leader Terry Lundgren to Step Aside as CEO
MARKETS

Fed Stress Tests: All Big Banks Clear Bar for Capital Requirements

The Path From Harvard and Yale to Goldman Sachs Just Changed
NUMBER OF THE DAY
$5,100
The minimum compensation U.S. owners of diesel-powered vehicles affected by Volkswagen’s emissions-cheating scandal are expected to receive from the German auto maker, in some cases receiving up to $10,000 beyond a buyback or repair.
QUOTE OF THE DAY
If Boeing goes through with this deal, the company will forever be associated with Iran’s chief export: radical Islamic terrorism.
Rep. Roskam (R., Ill.) on introducing new legislation this week to try to block Boeing’s $17.6-billion deal to sell commercial jets to Iran’s main airline. The White House is pushing to ease the way for companies to complete deals with Iran, aiming to cement the landmark nuclear agreement reached last year.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on the results of the U.K. referendum on the European Union? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Margaret Rawson
READER RESPONSE
Responding to yesterday’s question on Democrats staging a sit-in on the House floor, Lee Alcott of Florida said: “This makes me proud to be a Democrat. The Speaker refuses to call for a vote with the ‘reason’ that the measures being voted on would violate Constitutional rights. If he feels that way, he can and should vote against. It’s no reason to not call for a vote and debate.” But Christen Varley of Ohio wrote: “The Democrats controlled the House, the Senate and the White House from 2009 to 2010. Why didn’t the shooting at Fort Hood inspire such courage?” Bob Krueger of Georgia weighed in: “The Democrats have resorted to bullying tactics rather than the legislative process to get their way. The voting public should take careful note.” And Donald Black of New York added: “When we desperately need reasoned, mature leadership, we get a temper tantrum on the House floor.”
This daily briefing is named "The 10-Point" after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary "What's News" digest of top stories. Technically, "10-point" referred to the size of the typeface. The type is smaller now but the name lives on.
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