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

The Wall Street Journal
Good morning,
Italy: The Next Domino?
Italian voters on Sunday rejected constitutional changes backed by the government, prompting Prime Minister Matteo Renzi to announce his resignation and handing populists a victory in the heartland of Europe. With virtually all the votes counted early Monday, 59.6% were “no,” marking a stinging rebuke to Mr. Renzi’s plan to overhaul Italy’s legislature. The result creates uncertainty in Italy, the EU’s fourth-largest economy, as the bloc struggles to revive growth and define its future, and comes at a critical juncture for the European Central Bank. Mr. Renzi’s resignation could clear the way for the formation of a caretaker government and, possibly, new parliamentary elections next year. Among the biggest winners is the antiestablishment 5 Star Movement. The euro initially fell on the results but recovered later, a sign that investors had already anticipated an unfavorable result for Mr. Renzi.

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State of Play
President-elect Donald Trump is widening the circle of candidates for secretary of state and will interview more prospects this week, a sign that after multiple meetings with high-profile hopefuls he still isn’t sold on whom he wants as the nation’s top diplomat. We report that though Mr. Trump’s transition team said last week that the search had narrowed to four finalists, new candidates have emerged, including Rex Tillerson, chairman and chief executive of Exxon Mobil. As Exxon’s CEO since 2006, Mr. Tillerson could leverage existing relationships with numerous world leaders, including Russia’s Vladimir Putin, with whom he has had dealings for more than a decade. Other candidates include Mitt Romney, Sen. Joe Manchin (D., W.Va.), who would add a bipartisan dimension to the Trump cabinet, and John Bolton, a former ambassador to the United Nations, among others. Meanwhile, Mr. Trump intends to nominate retired neurosurgeon Ben Carson as secretary of the Department of Housing and Urban Development, a move that would put one of his one-time adversaries into a key administration post.
Access Denied
The Obama administration said Sunday that it had denied a permit needed to complete the last leg of the Dakota Access pipeline, prompting cheers from opponents but warnings that the move could be short-lived since Mr. Trump supports the project. The nearly 1,200-mile pipeline is nearly complete, except for a 1,100-foot crossing of a Missouri River reservoir. Protesters led by the Standing Rock Sioux Tribe have been gathering for months near Cannon Ball, N.D., close to the site of the crossing at Lake Oahe, and have argued that the pipeline endangers the tribe’s water supply and sacred sites. The U.S. Army Corps of Engineers said it would deny the pipeline’s builder, Dallas-based Energy Transfer Partners, an easement it needs for the $3.8 billion project.
Picture This
This year, Christmas card photos feature children rolling their eyes, family members looking away from the camera and spilled messes on the floor. The coming weeks are the time when families are strategizing to capture a single photograph they will choose for their holiday greeting card. And more of them are getting tired of the idyllic portrait, known for decades as the portrayal of domestic success. Photography and how people choose to see themselves and share pictures is evolving, marketing experts say. The carefully-orchestrated exercise with a professional photographer and coordinated outfits has been replaced with online and printed cards that offer a more personal style. Of course, the sense of informality doesn’t necessarily mean the image isn’t staged.
TODAY'S VIDEO
Against the Trend
That Was Painless
Austrians voted against having an anti-immigrant populist as their next president by a resounding margin, bucking a trend of nationalist electoral successes across the West. Center-left candidate Alexander Van der Bellen, right, beat back a challenge from his right-wing opponent Norbert Hofer, left.
TOP STORIES
U.S.

Survivors’ Harrowing Tales From Deadly Oakland Fire

Donald Trump’s Economic Team Set to Come Into Clearer Focus
WORLD

Taiwan Celebrates Trump Call—Cautiously

U.S. Syria Policy at Crossroads as Rebels Falter
BUSINESS

Trump Warns Another U.S. Company

Huawei’s Hard-Charging Workplace Culture Drives Growth, Demands Sacrifice
MARKETS

Small Insurers’ Big Collapse Reflects Deep Industry Woes

Global Dominance of U.S. Stocks Is Boosted by Postelection Rally
NUMBER OF THE DAY
7.9%
The drop in the real-estate sector of the stock market from the close of its first day of trading on Sept. 19 through Friday, making it the worst-performing sector out of 11 over that period. Real estate has lagged behind the broader market since splitting off from financials and becoming its own stock grouping.
QUOTE OF THE DAY
The people with access to credit have become rich, and the people without access don’t even have a chance to climb up the ladder.
Lewis Ranieri, a financier who pioneered the market for mortgage-backed securities in the 1980s, on how regulators and lenders intent on fortifying the financial system are clamping down on risk-taking, making it harder for many borrowers to get loans.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on the Obama administration denying a permit needed to complete the Dakota Access pipeline? 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 Friday’s question on the Carrier deal, Cameron Hollingshead of New York wrote: “What a disgraceful incentive in order to ‘save’ jobs in the United States. Carrier has set a precedent for other American companies to threaten to send jobs elsewhere, and wait for Mr. Trump’s care package. How could Mr. Trump possibly think he has the upper hand in this situation?” Bob Harris of New Jersey commented: “Anyone who faults the Carrier deal must have been asleep all during the campaign. Mr. Trump is doing exactly what he said he would do: negotiate to save jobs. The question is if it will work in states where the soon to be vice president is not the current governor, and therefore had the carrots available to negotiate with. Time will tell.” And David Fleenor of North Carolina shared: “Do the math: the Trump/Pence deal was far superior to the normal competitive offers between states seeking to attract business.”

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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