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

The Wall Street Journal
Good morning,
My Enemy’s Enemy
As the U.S. struggles to wield influence in the Middle East, Russia is steadily extending its reach there. Iraq has now joined Russia, Iran and Syria in a new agreement to strengthen cooperation against the extremist group Islamic State. The deal formalizes years of military collaboration among the four nations and helps Moscow build a rival influence to Washington in the region. Meanwhile, U.S. and Russian officials held talks yesterday on the sidelines of a United Nations summit in New York to try to forge a common approach to fighting the extremists. Today, President Barack Obama and Russian President Vladimir Putin are scheduled to hold their first formal meeting in more than two years at the U.N. It will be a decisive moment in determining whether the two leaders can reach a consensus on Syria and Moscow’s role in fighting Islamic State.
Privileged Information
For the past 15 years, selective disclosure by companies has been illegal under U.S. securities rules. Yet the same rules allow private meetings with investors. The result: a booming back channel through which facts and body language flow from public companies to handpicked recipients. Participants say they’ve detected hints about sales results, takeover leanings and subtle shifts in emphasis or tone by a company. And some academic researchers have concluded that investors can often turn special access into a trading advantage and profits.
Junk Sale
Investors are pulling back from the junk-bond market. Any prolonged decline in investor appetite could threaten a banner year for mergers fueled in large part by cheap credit. Meanwhile, the corporate-bond market is starting to flash caution signals about the broader economy. Yield spreads between corporate debt and Treasurys have been widening, a trend that in the past has foreshadowed economic problems. It can signal that investors are less confident about companies’ prospects and financial health, though other factors are also likely at play.
Moscow Mimics
Impersonators of Soviet dictators are a fixture in Moscow’s Red Square. Six would-be Stalins and eight wannabe Lenins now work the Russian landmark. The mimics have internecine battles. They form temporary allegiances to share territory and earnings, while sniping behind each other’s backs about their rivals’ poor resemblance to their heroes. Other famous political figures, such as Tsar Nicholas II, Karl Marx and even a President Barack Obama, have come and gone, but the favorite Bolsheviks have staying power. “It’s hard work to be on your feet all day,” said one Lenin look-alike. “It’s also morally hard. People shout: ‘Burn in hell! What have you done with Russia?’”

Trump to Release Plan Calling for Higher Taxes on the Wealthy

Pope Francis’ U.S. Visit Struck Conciliatory Tone

Obama to Press Growth, Climate Issues at U.N.

Greece Braces for More Seagoing Migrants

VW Scandal to Hurt Its Financing Arm

Shell to Cease Oil Exploration in Alaskan Arctic After Disappointing Drilling Season

Chinese Debt Market Heats Up

Legendary Investor Richard Rainwater Dies
Rare Supermoon Lunar Eclipse in 60 Seconds
That Was Painless
Stargazers enjoyed an unusual astronomical treat on Sunday night, a supermoon lunar eclipse. The last time such an event took place was in 1982 and if you missed it this year, you’ll have to wait until 2033 for the next one. Photo: AP
The number of ways U.S. doctors can classify ailments and injuries, up from 14,000—under a new coding system set to be implemented this week to help researchers better identify public-health problems, manage diseases and evaluate outcomes, according to its proponents.
I don’t want to leave my successor a dirty barn…I want to clean the barn up a little bit before the next person gets there.
House Speaker John Boehner on how he will serve the rest of his term before leaving office Oct. 30.
What are your thoughts on Mr. Boehner’s exit? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Khadeeja Safdar
Responding to Friday’s question about the pope’s visit to the U.S., S.J. Guffey of Washington state wrote, “Watching and listening to Pope Francis, I am filled with awe at his messages of duty and hope. I am struck by how his words and actions recall the feelings generated by the Dalai Lama. Both are everything one hopes for in a spiritual leader; firmly on the side of fairness, charity and a belief that goodness can and will prevail. I am neither a Roman Catholic nor a Buddhist. But at a time when so many important issues seem hopeless, these men give us hope. We need that.” Rob Nonni of New York commented, “I think the pope’s presence here has been very good for our country. People on both sides of the political wall are hearing his message and cheering him on. I hope the good feeling lasts, and helps our leaders to dialogue past roadblocks.” But Carolyn McLaughlin of Ohio wrote, “Disappointing to a Catholic is Pope Francis’ disregard for our deep intellectual and rational tradition, rooted in an optimistic outlook that counts on the free market to do good things over time, on the free choices of individuals to help each other and on love for the right rather than wrong reasons. We, in dismay, just hunker down.”
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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