| | Gerard Baker
Editor in Chief
The Wall Street Journal | | |  | Mixed Message
Hours after seeming to ease his immigration and trade policy while standing with Mexico’s president, Donald Trump reiterated the tough stance that powered his campaign in a speech yesterday evening. Placing a clear bet that it is more important to err on the side of revving up his supporters than to soften his tone to reach out to unpersuaded voters, Mr. Trump said that all illegal immigrants are “subject to deportation” and doubled down on his assertion that Mexico will pay to build an “impenetrable” wall on the southern border. But Mexican President Enrique Peña Nieto earlier said he told Mr. Trump during their visit that his nation had no intention of underwriting such a project. Meanwhile, on the issue of trade, the Republican candidate did appear to give some room, telling reporters in Mexico City that he would aim to “improve” the Nafta trade pact, which he previously said “shouldn’t exist.” | Friends Electric
Two pillars of Elon Musk’s empire, Tesla and SolarCity, are facing financial crunches as he seeks to combine them through a controversial acquisition. Tesla disclosed in a securities filing Wednesday that it has to pay $422 million to its bondholders in the third quarter, and that it will raise additional money by the end of the year. The purpose of the additional capital, among other things, is to support its proposed merger with home-solar company SolarCity. The filing also revealed that in recent weeks 15 institutional investors passed on either acquiring SolarCity or injecting equity into it. The company is having difficulty tapping public markets amid the proposed merger and is facing a liquidity squeeze. Last week, Mr. Musk and his cousins—SolarCity Chief Executive Lyndon Rive and its technology chief, Peter Rive—disclosed they would together buy more than 80% of a $124 million SolarCity bond issue. | Dog Days Deliver
An August surge in U.S. bank shares is helping to drive an emerging consensus that the economy is strong enough to allow Federal Reserve officials to raise interest rates at least once by the end of 2016. The S&P Financial Sector rose 3.6% in August, far outperforming a 0.1% decline in the S&P 500 and making financials the best-performing sector in the index for the first month this year. Shares of Morgan Stanley rose by 12% in August, while Bank of America shares added 11% and Citigroup shares increased 9%. A Fed interest-rate rise would deliver banks modest but long-awaited relief. Meanwhile, we report that executives at Deutsche Bank are contemplating dramatic options for the German lender, including selling all or part of a key business, a sign of growing pressure to speed up a flagging overhaul. | Loafing About
The loafer, that 1980s preppy staple, has stepped back into the spotlight. Bass Weejuns penny loafers celebrate their 80th birthday this year. Introduced by G.H. Bass & Co. in 1936 as a casual slip-on shoe, they were based on the slip-ons worn by Norwegian fishermen in the 19th century. The style became known as penny loafers after young people put coins in the shoes’ slots. Over the years, some put in dimes when that was the price of a phone call. Today, the recent loafer proliferation reflects the move to more smart-casual dress codes at work. The comfortable and versatile shoes are available at seemingly every price point, though they are also an easy style to mock for their long association with blue bloods and the Ivy League. We take a look at the classic footwear’s various style options. |  | | | | Going back to our story above, what are your thoughts on the August surge in U.S. bank shares? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location. | | | | | | | —Compiled by Margaret Rawson | | | | | |
| | Responding to yesterday’s question on the European Commission’s ruling that Apple must repay $14.5 billion in Irish tax breaks, Scott Patten of Connecticut wrote: “Perhaps this loss of current tax dollars (via credit offset) and the now very real threat to losing future tax dollars will force Congress to enact a needed corporate tax overhaul that will incentivize U.S. corporations to bring their cash back onshore. Once onshore, incentives need to be in place to encourage spending for growth and jobs.” John Smith of Virginia commented: “The fundamental problem is that Apple is smarter and more agile than the EU legislators that create tax law. The EU’s battle is with Ireland, not Apple. Bottom line: Apple pays all the taxes that the law requires.” And Bob Kenney of Maryland weighed in: “The Apple ruling is long overdue. I hope the European Commission focuses on Amazon next.” | | | | | | 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. | | | | You are currently subscribed as jasajuejejeje@gmail.com. For further assistance, please contact Customer Service at support@wsj.com
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