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

The Wall Street Journal
Good morning,
Separation of Powers
A federal appeals court on Thursday unanimously ruled against President Trump’s executive order on immigration and refugees, saying such a travel ban shouldn’t go into effect while courts consider whether it goes too far in limiting travelers to the U.S. The ruling is the biggest legal setback so far for Mr. Trump as president and sent a powerful message about checks and balances within America’s more-than 200-year-old government. The appeals court declined to take a position on the most pointed accusation leveled at the Trump administration—that the travel ban discriminated against Muslims. Instead, the panel ruled the travel ban likely violated the due process rights of travelers. Mr. Trump called the decision “political” and added: “We’re going to see them in court and I look forward to doing it.” The Trump administration could seek emergency intervention to end the restraining order from a larger panel of Ninth Circuit judges or the Supreme Court immediately, a process that could play out in a matter of days but wouldn’t fully resolve legal questions surrounding the president’s order.

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The World Turned Upside Down
Mr. Trump’s combative approach to world affairs is scrambling political dynamics in countries across the globe, bolstering some candidates who promise to stand up to the new U.S. leader and potentially reshaping America’s alliances. From Germany to Mexico to Iraq, political opposition to Mr. Trump is an increasingly popular brand that appeals to those who broadly disapprove of his world view or who have been put off by some of his early moves. Multinational organizations such as the EU and NATO are racing to formulate a unified response to what promise to be dramatic shifts in U.S. policy. Mr. Trump is seeking to advance his agenda one personal relationship at a time, his aides say. And late last night, we reported that in a phone call Thursday with Chinese President Xi Jinping, Mr. Trump affirmed the “One China” policy that has long underpinned Sino-U. S. relations. That looks already like an important retreat from where Mr. Trump initially seemed to be tracking politics. A White House visit Friday by Japanese Prime Minister Shinzo Abe offers the next test.
Debt Dump
Foreign buyers, led by China, are taking a smaller slice of the debt issued by the U.S. and other major economies. That shift may test the long-held belief that overseas money has kept interest rates low in the developed world. For much of this century, the world’s money increasingly sought the harbors of the bond markets of big, Western nations, principally the U.S. but also Germany and Britain. During that period those countries, and their citizens and companies, borrowed money at remarkably low interest rates. The receding foreign tide comes amid other momentous changes for the global economy and interest rates, including a turn in many political corners away from free trade and glimmers of inflation that are encouraging major central banks to pare back their unprecedented economic stimulus measures.
Slow Talent
Most players in the NBA are more intimidating than Houston Rockets guard James Harden. He isn’t uncommonly tall, doesn’t jump especially high and can’t run all that quickly. But Harden is an outlier—not only among basketball players, but among the thousands of athletes whose biomechanics have been analyzed by the Peak Performance Project. Harden has a hidden advantage: deceleration. His braking system is the best in sports. That is the skill that allows him to improvise off the dribble. It’s why he can screech to a halt when he’s driving, swerve in the lane as other players skate past him and step-back with enough separation to sneak off a jumper. We report that what Harden’s doing has distinguished him even in a season of superlative NBA performances.
TODAY'S VIDEO
No Vacancy
That Was Painless
Some luxury homeowners are scaling back on sleeping quarters, which can translate to more space for amenities and raise the value of a home. Overnight visitors, however, will find that spare rooms are rare rooms.
TOP STORIES
U.S.

Senate Confirms Tom Price as Health and Human Services Secretary

White House Probing Leaks After Details of Call Between Donald Trump and Vladimir Putin Released
WORLD

Merkel Plans to Speed Deportations of Rejected Asylum Seekers

Washington Turns Attention to Yemen, Pleasing Gulf States
BUSINESS

Retailers Are Caught in Political Fights Over Trump

Railroad Veteran’s Turnaround Strategy Faces Hurdles in U.S.
MARKETS

Chinese Companies Rush In With Nearly $2 Trillion Where Bankers Fear to Lend

Treat French Debt Like Italy, but Don’t Worry About Le Pen
NUMBER OF THE DAY
1%
The increase in Twitter’s revenue in the fourth quarter, the social-media service’s 10th straight quarter of slowing revenue growth. Twitter said it would revamp its advertising strategy, shifting away from older products like promoted tweets in favor of video ads.
QUOTE OF THE DAY
It was a cocktail of emotions.
Cameron Fox-Revett, a songwriter in Toronto, on loading his recording equipment into a car that wasn't his Uber ride, horrifying the driver. Owners of some late-model sedans say confused Uber and Lyft customers keep piling into their back seats.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on the appeals court ruling on Mr. Trump’s immigration order? 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 the challenges facing American farms, Slade Howell of North Carolina commented: “This decline is reflective of many American enterprises. Small farms have been consolidated into larger, fewer farms, driven somewhat by government aid. The new mega farms tend to be more highly leveraged, financing more expensive equipment and depend on large workforces, which translates to foreign laborers. As opposed to small farms which can prevail during these downturns, the large farms fold as revenues fall due to their large payrolls and other overhead expenses. Since our food supply is at risk, this may truly turn into ‘a too big to fail’ situation.” And Bruce Maiman of California wrote: “Globalization has impacted every sector of our economy. Why should agriculture be any different? It’s the free market system at work, and it’s interesting how so many Americans, citizens and leaders, champion that system…until other nations start using it to compete against us in the global marketplace.”

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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