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

The Wall Street Journal
Gerard Baker is away. Today’s 10-Point is by Deputy Editor in Chief Matt Murray. Follow him on Twitter @MurrayMatt.
Good morning,
Turning the Page
Donald Trump is trying to quickly reset his presidential campaign to address worsening poll numbers and growing isolation from influential members of the Republican Party. After endorsing a trio of Capitol Hill Republicans following delays—House Speaker Paul Ryan, New Hampshire Sen. Kelly Ayotte and Arizona Sen. John McCain—he will head on Monday to Detroit to deliver an economic policy address. Meanwhile, we report that Mr. Trump says he will release his tax returns when an IRS audit concludes, but he and his attorneys have substantial knowledge about when the audit will end and some ability to slow the process. Also over the weekend, Hillary Clinton’s running mate Sen. Tim Kaine made a bid to quell the controversy surrounding her use of a personal email server, though he split with her on U.S. legal authority to carry out airstrikes in Libya.
Debt Diet
Plunging global interest rates have made borrowing cheaper than ever for cities and states and Wall Street is urging governments to invest in big-ticket infrastructure projects, but they’re reluctant to do it. New government-bond issues have dropped to levels not seen in the past 20 years. Seven years after the recession ended, voters and government officials remain scarred by the deep budget cuts they endured and the sluggish revenue growth that has constrained spending since then. Many struggling legislatures and city halls are focusing on underfunded employee pensions and rising Medicaid costs instead of infrastructure repairs. Meanwhile, we report that catastrophe bonds are upending the insurance business. The oddball securities have exploded in popularity and injected a new source of volatility into the otherwise staid insurance world, since money flows are driven by broader forces in the bond market.
Knife’s Edge
Belgian authorities have opened a terrorism probe following a weekend machete attack on two police officers in the city of Charleroi, the latest assault in what has become a relentless, summerlong barrage. The assailant, who was fatally shot during the attack, was identified Sunday by the authorities as a 33-year-old Algerian man who had been living in Belgium illegally since 2012. Islamic State’s news agency claimed the attack was carried out by one of the group’s “soldiers.” Meanwhile, Islamic State and the Taliban, after more than a year of fierce combat, have forged a patchwork cease-fire across much of eastern Afghanistan that has helped both insurgencies regroup and counter U.S.-backed efforts to dislodge them. And in other news, we report that Iran has executed a nuclear scientist it convicted of divulging state secrets to the U.S.
Franchise Players
NBCUniversal is betting big on “Harry Potter” and “Fantastic Beasts.” In a wide-ranging seven-year deal with Time Warner’s Warner Bros. that takes effect in 2018, the Comcast-owned media company will obtain commercial television rights to the eight “Harry Potter” movies, as well as rights to the coming “Fantastic Beasts” franchise and the right to use “Harry Potter” and “Fantastic Beasts” source material at several of its Universal theme parks in conjunction with its hugely popular “Wizarding World of Harry Potter” attraction. Terms of the deal weren’t disclosed, but people familiar with the agreement said it could be valued as high as $250 million. Meanwhile, NBC failed to score gold with the Olympics opening ceremony, with a 35% decline from the record-setting audience for London’s opener in 2012. See our latest Olympics coverage here.
The Evolution of A-Rod
That Was Painless
The New York Yankees’ Alex Rodriguez, 41, announced Sunday that he will retire from major-league baseball. He will play his final game with the team on Friday. Sports columnist Jason Gay breaks down his legacy.

Voter Discord Isn’t Over Wages

Threat of Lawsuits Crimps Condo Developments

Erdogan, Putin Work to Patch Ties as Economies Flag

Philippine Leader Rodrigo Duterte Links Judges, Politicians, Police to Illegal Drug Trade

Car Makers Pour Money Into Spain

Cambridge’s Tech Hub Generates Successes and Growing Pains

Oil’s Drop Stokes Worries About a Slippery Slope in Stocks, Junk Bonds

Gold Is Hot This Year. So Are Fakes
$2.4 billion
The amount Steinhoff International Holdings, Africa’s retailing giant little-known outside the continent, has agreed to pay for its first foray into the U.S., buying Sleepy’s owner Mattress Firm Holding.
The people from outside don’t know what can happen. We know what can happen.
Mihai Brestyan, U.S. gymnast Aly Raisman’s personal coach, on why women gymnasts on Team USA largely dismiss the single most difficult and dangerous maneuver in the sport: “The Produnova.”
Going back to our story above, what are your thoughts on local governments opting for less debt over new infrastructure? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Margaret Rawson
Responding to Friday’s question on the latest WSJ/NBC News poll that found Mrs. Clinton leading by 9 points, Jim Mhyre of Washington said: “The polls are encouraging now for Mrs. Clinton but another round of embarrassing email releases and a dribble of domestic ISIS attacks could flip the sentiment.” Jay Davidson of Colorado wrote: “The Democrat’s political machine is doing a good job ridiculing Mr. Trump, and he gives them plenty of fodder. This election requires that the voter look more deeply into the manipulation behind the scenes. Does this incredible ridicule-machine hide deeper flaws in his opponent?” Chris Corrigan of Georgia commented: “In my fantasy world, the headline would read, ‘Marco Rubio opens 10-point lead on Hillary Clinton.’ Oh, well.” And John Fray of New York predicted: “Mrs. Clinton will win 59% to 41%. And Mr. Trump, the loser, will claim the elections were ‘rigged.’”
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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