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

The Wall Street Journal
Good morning,
Trump Hits Reset
Donald Trump is overhauling his campaign team in a bid to recover ground he has lost in recent weeks. We report that Stephen Bannon, executive chairman of Breitbart News, an outspoken Trump supporter and a former Goldman Sachs banker, will assume the new position of campaign chief executive. At the same time, Mr. Trump is also promoting Kellyanne Conway, a veteran GOP pollster and strategist, to become campaign manager. Ms. Conway has been a campaign adviser for several weeks. Paul Manafort, who joined the team late in the primary season, remains campaign chairman. The reset is designed to bulk up a structure that many Republicans have complained wasn’t adequate for the rigors of the general-election campaign. In a meeting on Monday, Mr. Trump, his advisers and family members, also discussed the need for the candidate and campaign to stay on message to avoid giving foes “ammunition against him.” Meanwhile, we report that the FBI gave Congress a written summary of interviews with Hillary Clinton and some of her key aides on her use of private email to do government business.
Dangerous Allies
Russia launched airstrikes Tuesday against targets in Syria from a base in western Iran, sparking concerns in Washington that the move may violate a United Nations Security Council resolution and threaten U.S. cooperation with Moscow on the Syrian conflict. The strikes are a sign of new coordination between Moscow and Tehran to support the government of Syrian President Bashar al-Assad, and an indication that the U.S. has fallen short in its efforts to draw Russia away from a close military alliance with Iran. Russia’s defense ministry said the bombers carried out a “concentrated airstrike” against Islamic State militants and the group formerly known as Nusra Front. The bombing comes amid intense combat around the northern city of Aleppo, where activist groups and rebels on Tuesday reported that at least 20 civilians had been killed in Russian airstrikes.
Cutting the Hedge
A growing exodus from hedge funds extended to two of the biggest names in the industry Tuesday, Tudor and Brevan Howard. The funds’ problem is clear: They just aren’t performing. Brevan Howard’s master fund was one of the star performers during the credit crisis, but is now on track for its third straight calendar year of losses. Investors withdrew more than $3 billion from its flagship fund in the first half of this year, while for the same period, two key Tudor hedge funds were down about 3%, well below the overall market. On Tuesday, Tudor reduced its workforce by about 15%, or around 60 employees, including money managers. The firm’s move toward computer-driven investing is a sign of how even hedge-fund giants are feeling pain lately amid a growing shift to so-called quant strategies.
Don’t Say ‘Relax’
It is a paradoxical fact: When someone is getting stressed out, one of the least effective (and perhaps most annoying) things to say is “Relax.” The directive has exactly the opposite effect on most people. Those who instruct a colleague, subordinate or loved one to relax may have good intentions. But it is usually better to resist ordering people to change their emotional state. Relaxing on command is physiologically impossible if the body is already too acutely stressed, and research shows that trying to hide or suppress an emotion typically backfires. We offer tips to help calm someone, such as first acknowledging his or her feelings and asking open-ended questions. If you are on the receiving end of an order to relax, there are countermoves that can keep your blood pressure from soaring higher.
TODAY'S VIDEO
High-Water Marks
That Was Painless
Samsung’s latest Galaxy Note phablet has a new and improved waterproof design and stylus. Our Personal Technology columnist Joanna Stern shot her entire review underwater—often using the phone itself as the camera.
TOP STORIES
U.S.

Thousands of Louisianans Brace for More Flooding, as Others Assess Damaged Homes

Health-Law Setback Becomes Campaign Fodder
WORLD

German Authorities Accuse Mosques of Playing Turkish Politics

Son of ‘El Chapo’ Is Among Men Abducted in Mexico, Prosecutor Says
BUSINESS

Viacom, Redstone’s National Amusements Resume Deep Settlement Talks

Ford Developing Fully Driverless Car
MARKETS

Too Big to Frack? Oil Giants Try Again to Master Technology That Revolutionized Drilling

A Trading Halt, Two Years in the Making
NUMBER OF THE DAY
$135 million
Univision’s winning bid in a court-administered auction for Gawker Media Group, besting Ziff Davis for control of the 14-year-old digital media pioneer that was forced into bankruptcy by a costly legal battle with former professional wrestler Hulk Hogan.
QUOTE OF THE DAY
The Fed’s policies are clearly not working, and this is one of the reasons why the dollar has been waning.
Axel Merk, founder of investment firm Merk Investments in Palo Alto, Calif., on the decline in the dollar sending a powerful signal that investors believe soft economic growth around the world will limit the Fed’s capacity to tighten policy as promised. Minutes of the Fed’s last meeting, due today, could send a fresh signal of the central bank’s willingness to raise rates.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on Mr. Trump’s shake-up of his campaign team? 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 Tesla repeatedly missing CEO Elon Musk’s targets, Richard E. Walck of Virginia said: “It strikes me that the only targets Mr. Musk seems able to hit are the ones that involve getting taxpayer subsidies. Yes, he has some innovative and potentially game-changing ideas, but the risk is weighted toward the taxpayer, while the reward goes to Mr. Musk and his investors.” Joe Williams of Kansas wrote: “Aggressive, potentially unachievable goals are essential in driving disruptive change a la Tesla and SpaceX. Mr. Musk aimed for the stars and hit the moon (maybe Mars). However, nobody familiar with his penchant for over-promising believed the Model 3 would be ready anywhere near his date. Once employees stop believing the timeline, then the internal problems begin. Of course, investors might run out of patience sooner...” And Dan Gerner of South Carolina shared: “Mr. Musk is crazy. Just as crazy as Fred Smith when he started FedEx, just as crazy as Jeff Bezos when he started Amazon and just as crazy as Steve Jobs when he started Apple. They all had ideas and set goals that would change the way we live today.”
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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