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

The Wall Street Journal
Good morning,
Mass Shooting in Las Vegas
In what seems to be the most lethal mass shooting in U.S. history, a gunman who fired from a hotel on the Las Vegas Strip killed at least 50 people and wounded more than 200 late Sunday. Police said they shot dead the attacker, who was targeting a music festival from the 32nd floor of the Mandalay Bay Hotel and Casino. They said he was a local resident they declined to name, and that they are trying to locate a woman who was traveling with him.


Mixed Signals
President Trump tweeted Sunday that pursuing negotiations with North Korean leader Kim Jong Un is a waste of time, a day after Secretary of State Rex Tillerson revealed the U.S. is in direct contact with Pyongyang. We report that the president and his top diplomat have publicly disagreed before on North Korea and other topics, including Iran. Mr. Tillerson has pursued communication with Pyongyang, an approach largely rejected by Mr. Trump, whose advisers say it would send the wrong signal after North Korea launched missiles over Japan this summer and tested what it claimed was a hydrogen bomb. A State Department spokeswoman on Sunday said the president is right that Mr. Kim isn’t listening, but that its mandate is to keep trying.
Hack Review
We report that the board of Equifax is reviewing the actions of the credit-reporting company’s top lawyer in connection with share sales by executives following its massive data breach, as it tries to size up who knew what, and when, about the hack. John J. Kelley had the ultimate responsibility for approving share sales after the company discovered the hack in late July. It was publicly disclosed in September. He also is central to broader questions facing the board because he is responsible for security at the company. Both Equifax’s security and the share sales are expected to be subjects of intense questioning at three congressional hearings this week where the company’s former chief executive, Richard Smith, is set to testify.
Hedge funds aren’t dead yet. Written off less than a year ago as overpriced and underperforming, they are pulling off an unexpected two-step this year: making money and taking in new cash. Through the end of August the average hedge fund was up 5.4%, including an 8.3% gain for stock-focused hedge funds. That is short of the S&P 500’s 11.9%, including dividends, but still the best relative performance in a rising market since 2010. Investors, particularly in Asia and the Middle East, have begun sending new money hedge funds’ way, attracted by the better returns and a broad lowering of the famously hefty fees. For now, at least, industry gloom is lifting and even giving way to outright optimism.
More Is More
Defying a famous maxim from Coco Chanel—“Before you leave the house, look in the mirror and take at least one thing off”—the latest fashion-industry trend is to throw everything at the wall and hope something sticks. The Spring 2018 collections from labels including Marc Jacobs, Coach, Prada, Marni and Gucci have featured jackets over jackets and skirts and dresses over pants, accessorized with several bags and scarfs. What shows up in stores, of course, is generally much toned down from the extreme styles models wear on the runway, but the pile-on approach gives stores and shoppers more options.
Clashes in Catalonia
That Was Painless
Catalan authorities said voters in the restive Spanish region overwhelmingly backed independence in a Sunday referendum boycotted by opponents—putting Spain on the brink of crisis. The vote proceeded in defiance of Madrid, which sent thousands of extra security forces to the region, setting off clashes that left more than 800 people injured.

In Puerto Rico, a Beachside Town Suffers in Solitude

Supreme Court Set to Ponder Conservative Priorities

U.S. Weighs Fate of Taliban Political Office, Prompting Internal Objection

Kim Jong Un’s Nephew Was in Danger After Father’s Killing, North Korean Group Says

Self-Driving Dilemma: How to Pass the Wheel Between Human and Robot

Why Apple Rival Samsung Also Wins If iPhone X Is a Hit

J.P. Morgan’s Record High Crowns Bank-Stock Rebound

Beaten-Down Dollar Bounced Back in September
The third-quarter rise in emerging-market stocks, bringing this year’s gain to 25%. With the class on pace for its best year since 2009, more investors are seeking protection against a downturn.
This is surreal stuff…They just keep sticking their hand out.
Investment adviser Marty Blazer on passing cash to coaches at some top basketball programs as he secretly helped federal authorities build one of the biggest bribery and corruption cases in college-sports history.
Going back to our video above, what are your thoughts on Catalonia’s independence referendum and the ensuing clashes? 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 Puerto Rico, Tom Palumbo of Michigan wrote: “Puerto Rico will be best off if the Jones Act is forgotten as a whole. Recovery will take years as it is. Putting the act back into effect would be crippling to the island’s economy.” Hoagland of Virginia commented: “The Trump administration’s response to Puerto Rico is worse than former President Bush’s to Katrina. Yet Mr. Trump keeps chirping that they are doing such a great job. Delusional.” And Bill Kaupert of Illinois shared: “The relief efforts are robust under the circumstances. Perhaps it’s time for Puerto Rico to either become a state or become independent.”

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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