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The 10-Point: My Guide to the World Economic Forum in Davos

The Wall Street Journal
Good evening from Davos, Switzerland,

Some of the world’s leading business and policy leaders have gathered here this week under the auspices of the World Economic Forum, an opportunity to survey the global landscape they have constructed and to discuss how to improve it. This year in particular, a cloud of uncertainty hangs over the events in the Swiss Alps just days ahead of the Trump administration taking the reins in Washington.

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In addition to my normal newsletter, I will be providing a daily guide to our reporting from Davos, including behind-the-scenes discussions and events and off-the-record insights.

This year, the geopolitical worrywarts may have their day. The tide of populist anger that swept the major economies in 2016—highlighted by the British vote to leave the EU and the election of Donald Trump in the U.S., marked also by rising support for nationalist parties and antiestablishment causes elsewhere in the developed world, is lapping at the elegantly appointed front door of Davos Man. The disconnect between the Davos community—among the principal beneficiaries of globalization—and the rest of the world is striking. The challenge for the Davos crowd is whether they truly understand the forces that threaten them or whether they will continue to dismiss the rising populist tide as something deplorable and inexplicable.

For now, all eyes will be on Xi Jinping, the first Chinese president to attend the conclave, as he delivers a keynote address tomorrow. An inward-looking U.S. clears the path for an ascendant China. An ardent nationalist, Mr. Xi is nevertheless expected to take on the role of flag-bearer for globalization, amid tensions over the South China Sea and escalating criticism from the incoming Trump administration over Taiwan.

Also tomorrow, U.K. Prime Minister Theresa May is expected to give a speech doubling down on her commitment to a clean break from the EU, though the politics and economics of Brexit continue to pull in different directions. Mrs. May must reconcile two objectives: assuring Brexiters that the departure will be delivered before the general election due by 2020, and minimizing the resulting economic disruption.

The chief representative of the Trump administration to Davos will be Anthony Scaramucci, a newly minted adviser to the president-elect. I will be joining Mr. Scaramucci, founder and co-managing partner of SkyBridge Capital, as well as others, including Axel A. Weber, chairman of the board of directors of UBS, to discuss the future of monetary policy in the changing political climate. I invite you to watch the livestream here. We will also be hosting Mr. Scaramucci at a WSJ event here.

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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