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U.S. Stocks Cap Volatile Period With Weekly Gains

U.S. stocks closed little changed Friday, notching gains for the week in a deceptively calm end to one of the most volatile periods in years for global markets. 121

Four Arrested in Hungary Over Migrant Truck Deaths

Flowers were placed where dozens of migrants were found dead.

Hungarian police said they had arrested four men after 71 migrants were found dead in a truck across the border in Austria on Thursday. 141

Hacker Killed by Drone Was Islamic State’s ‘Secret Weapon’

That Islamic State’s Junaid Hussain was targeted directly by the U.S. and U.K. shows the extent to which digital warfare has upset the balance of power on the modern battlefield. 267

Pro-Kurdish Party Joins Interim Government in Turkey

The power-sharing lineup unveiled by Prime Minister Ahmet Davutoglu also includes several independent appointees.

U.S. special-operations forces in Afghanistan are trying to make sure their elite Afghan counterparts can fight on their own before American troops leave, which is planned to take place by the end of next year. Photo: Wakil Kohsar/AFP/Getty Images

U.S. special-operations forces in Afghanistan are trying to make sure their elite Afghan counterparts can fight on their own before American troops leave, which is planned to take place by the end of next year. Photo: Wakil Kohsar/AFP/Getty Images

Treading Line Between War and Peace, U.S. Special Forces Groom Afghan Troops

Special-operations units are trying to get their local counterparts ready for combat before American troops leave Afghanistan.

Fed Urged to Press Ahead With Rate Rise

After months of forewarning by the Fed that it is preparing to raise short-term interest rates, some international officials have a message: Get on with it already. 85

European Refiners’ Profit Revival Faces End

Europe’s biggest energy companies have enjoyed a revival of refinery profits, but that run may be winding down even as oil prices slump.

IMAGE 1 of 9

‘Craft’ Bourbon Is in the Eye of the Distiller

“Craft” distilleries have mushroomed in the U.S. to 588 from 51 in the past decade. Feeling the heat from the new competition, global liquor conglomerates are getting in on the act, and not letting definitions get in the way. 53

Syngenta Shareholders Not Happy

Some Syngenta shareholders are angry about the pesticide-and-seed giant’s rejection of takeover proposals from rival Monsanto, which abandoned its pursuit this week.

Hermès Plays Down China Luxury Risk

French luxury-goods company Hermès International said it expects demand for its pricey handbags and fashion to remain resilient and grow 8% this year despite the risk of an economic slowdown in China.

Luxury Brands Push Deeper Into India

As sales growth slows in China and other big markets, luxury-goods makers are seeking to cash in on patches of new wealth in often-unexpected parts of India, where there is a growing appetite for luxury brands.

‘Flash Crash’ Trader Denied Extradition Delay

British trader Navinder Sarao had requested a two-month delay in his extradition hearing.

Labor Group Says BofA CEO Moynihan Should Not be Chairman

A labor group is urging Bank of America shareholders to vote against a bylaw change that allows Brian Moynihan to hold the dual titles of bank CEO and chairman.

Oil Prices Rise Again

Oil prices soared Friday for the second day in a row, as traders who had bet on lower prices scrambled to close out those wagers.

How Do You Short China?

Traders are scouring stock, bond and currency markets for ways to make money on the malaise afflicting China. Some are piling into insurance-like contracts that would pay out if the country defaulted on a small pool of its foreign-denominated bonds.

Lebanon’s youth-led “You Stink” movement initially formed as a protest against mounds of uncollected garbage in Beirut. Now it wants political change.

Anger Over Garbage in Lebanon Blossoms into Demands for Reform

Calls for political reform, however, collide with country’s entrenched, sectarian-based political system.

China’s World

Markets? To Xi Jinping, Another Battle Comes First

Those who think a wilting economy and stock-market turmoil may divert Xi Jinping’s focus from his anticorruption campaign misunderstand his priorities, writes Andrew Browne. 54

Syriza’s Poll Lead Narrows Ahead of Election

Greece’s left-wing Syriza party is leading against its main political rival ahead of next month’s elections, according to four polls published on Friday, though the gap with the conservative New Democracy party has closed considerably.

Brazil’s Big Bet on China Turns Sour

Brazil’s big bet on China is turning sour as the Asian country’s once voracious appetite for Brazilian exports dims.

Ukraine’s U.S.-Born Finance Minister Praised for Persistence

Natalie Jaresko led months of tense negotiations with creditors, clocking thousands of air miles to reach a debt-relief deal that should help secure further bailout funds from the International Monetary Fund.

Mansion

A Swedish Couple’s Lakeside Oasis

Entrepreneur Olof Sköld and his partner, Helene Carson, build a retreat for their family

Technology

Pentagon Advances Partnership with Tech Firms for Flexible Electronics

The Pentagon will contribute seed money to a consortium of Silicon Valley firms to develop what defense officials say is a promising new technology incorporating “flexible” electronics.

China’s Moves Won’t Help U.S. Tech Firms

China’s moves to spur its slowing economy are having an important but less obvious effect on the tech sector: Strengthening local companies that already were making life difficult for U.S. rivals.

Video

Body Count Rises in Migrant Effort to Reach Europe

1:38

Lebanese ‘Stink’ Protest Turns Toward Politicians

2:11

Buzz Aldrin Developing Plan to Colonize Mars

1:09

On Wine: Will Lyons

Why Gin Is Back With a Flourish

Gin is experiencing the kind of boom the wine industry experienced in the mid-1980s, as boutique-distilled bottles with names like Half Hitch, Opihr and Ransom Old Tom give the classic G&T a new—and flavorful—twist

Music

Foals’ ‘What Went Down’ Is a Visceral Confessional

Yannis Philippakis, the lead singer whose energetic stage presence and novelistic lyrics have made Foals one of British rock’s most compelling propositions, talks about the band’s fourth album.

WSJ Blogs

Real-time commentary and analysis from The Wall Street Journal
Die Seite Drei
Schnelle Analysen und Beobachtungen zum Zeitgeschehen

Ein Split für die Türkei

Die Türkei und eine galoppierende Inflation – das gehörte lange Zeit zusammen wie das Amen zur Kirche. Seit Mitte des vergangenen Jahrzehnts hat das Land am Bosporus das Problem aber halbwegs in den Griff bekommen. Zumindest einstellige Preissteigerungsraten sind seitdem die Normalität. Aber an einem Ort geht es immer noch mit den altbekannte Steigerungsraten nach oben: am türkischen Aktienmarkt.

Auch wenn es immer wieder verlustreiche Unterbrechungen gab – in diesem Jahrhundert dominierten an der Börse die zweistelligen Zuwachsraten pro Jahr. 2012 gab es im Leitindex, dem ISE National 30, ein sattes Plus von 59 Prozent – so viel wie an keiner anderen Börse in Europa. Am Donnerstag nun hat der Index die Schallmauer von 100.000 Punkten durchstoßen.

Das klingt nicht nur sensationell, das ist es auch. Denn so lange gibt es das Börsenbarometer noch gar nicht und es hat klein angefangen. Am 27. Dezember 1996 startete der Index mit einem Wert von 976 Punkten. Er hat sich also innerhalb von 16 Jahren mehr als verhundertfacht. Wohl dem Anleger, der damals seine Altersvorsorge der türkischen Wirtschaft anvertraut hat.

Deutlich wird der Unterschied im Vergleich zu Deutschland: Der Dax notierte am Premierentag des ISE-30 schon bei 2.859 Punkten. Heute steht er bei lediglich bei 7.760, hat sich also im gleichen Zeitraum nicht mal verdreifacht.

Auf der anderen Seite mag natürlich niemand gern diese Riesenzahlen im Index. Wenn es in dem Tempo weiterginge, stünde noch in diesem Jahrzehnt die Millionengrenze auf der Agenda. Der ständige Umgang mit sechs- oder gar siebenstelligen Ziffernreihen ist für alle Beteiligten einfach unpraktisch. Und für abgeleitete Finanzprodukte wie Zertifikate muss er ohnehin heruntergebrochen werden.

Am Aktienmarkt gibt es dafür das bewährte Instrument des Aktiensplits – hier wäre also langsam mal ein Indexsplit angeraten. Das ist weniger verrückt als es klingt. Beim breiter angelegten ISE-100-Index hat die Börse in Istanbul genau das im Dezember 1996 im Verhältnis 100 zu 1 gemacht.

Oder geht es der Türkei vielleicht um die globale Strahlkraft der großen Zahl? Mal abgesehen davon, dass das seriös aufstrebende Land ein solches Gepratze nicht nötig hat: Sollte die Türkei mit dem ISE wirklich den Punkterekord erreichen wollen, müsste der ISE noch kräftig weiter galoppieren. Der derzeitige Krösus unter den weltweiten Indizes, der IBC-Index der Börse in Caracas liegt aktuell bei 471.444 Punkten – und 2012 ging es in Venezuela um atemberaubende 300 Prozent nach oben.

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    • ist das denn nun schlecht oder gut wenn man 100'000 aks index hat? kann mir das ein Börsen Heini erklären?

Die Seite Drei – Über uns

  • Schnell und kurz bringt „Die Seite Drei“ Einschätzungen, Hintergründe und Ergänzungen zu den Berichten des Wall Street Journal Deutschland. Hier bloggt die ganze Redaktion.

    Hinweise zu Themen, Anregungen und Ihre Fragen nehmen wir unter redaktion@wallstreetjournal.de entgegen.

The Wall Street Journal & Breaking News, Business, Financial and Economic News, World News and Video
Search

U.S. Stocks Cap Volatile Period With Weekly Gains

U.S. stocks closed little changed Friday, notching gains for the week in a deceptively calm end to one of the most volatile periods in years for global markets. 121

Four Arrested in Hungary Over Migrant Truck Deaths

Flowers were placed where dozens of migrants were found dead.

Hungarian police said they had arrested four men after 71 migrants were found dead in a truck across the border in Austria on Thursday. 141

Hacker Killed by Drone Was Islamic State’s ‘Secret Weapon’

That Islamic State’s Junaid Hussain was targeted directly by the U.S. and U.K. shows the extent to which digital warfare has upset the balance of power on the modern battlefield. 267

Pro-Kurdish Party Joins Interim Government in Turkey

The power-sharing lineup unveiled by Prime Minister Ahmet Davutoglu also includes several independent appointees.

U.S. special-operations forces in Afghanistan are trying to make sure their elite Afghan counterparts can fight on their own before American troops leave, which is planned to take place by the end of next year. Photo: Wakil Kohsar/AFP/Getty Images

U.S. special-operations forces in Afghanistan are trying to make sure their elite Afghan counterparts can fight on their own before American troops leave, which is planned to take place by the end of next year. Photo: Wakil Kohsar/AFP/Getty Images

Treading Line Between War and Peace, U.S. Special Forces Groom Afghan Troops

Special-operations units are trying to get their local counterparts ready for combat before American troops leave Afghanistan.

Fed Urged to Press Ahead With Rate Rise

After months of forewarning by the Fed that it is preparing to raise short-term interest rates, some international officials have a message: Get on with it already. 85

European Refiners’ Profit Revival Faces End

Europe’s biggest energy companies have enjoyed a revival of refinery profits, but that run may be winding down even as oil prices slump.

IMAGE 1 of 9

‘Craft’ Bourbon Is in the Eye of the Distiller

“Craft” distilleries have mushroomed in the U.S. to 588 from 51 in the past decade. Feeling the heat from the new competition, global liquor conglomerates are getting in on the act, and not letting definitions get in the way. 53

Syngenta Shareholders Not Happy

Some Syngenta shareholders are angry about the pesticide-and-seed giant’s rejection of takeover proposals from rival Monsanto, which abandoned its pursuit this week.

Hermès Plays Down China Luxury Risk

French luxury-goods company Hermès International said it expects demand for its pricey handbags and fashion to remain resilient and grow 8% this year despite the risk of an economic slowdown in China.

Luxury Brands Push Deeper Into India

As sales growth slows in China and other big markets, luxury-goods makers are seeking to cash in on patches of new wealth in often-unexpected parts of India, where there is a growing appetite for luxury brands.

‘Flash Crash’ Trader Denied Extradition Delay

British trader Navinder Sarao had requested a two-month delay in his extradition hearing.

Labor Group Says BofA CEO Moynihan Should Not be Chairman

A labor group is urging Bank of America shareholders to vote against a bylaw change that allows Brian Moynihan to hold the dual titles of bank CEO and chairman.

Oil Prices Rise Again

Oil prices soared Friday for the second day in a row, as traders who had bet on lower prices scrambled to close out those wagers.

How Do You Short China?

Traders are scouring stock, bond and currency markets for ways to make money on the malaise afflicting China. Some are piling into insurance-like contracts that would pay out if the country defaulted on a small pool of its foreign-denominated bonds.

Lebanon’s youth-led “You Stink” movement initially formed as a protest against mounds of uncollected garbage in Beirut. Now it wants political change.

Anger Over Garbage in Lebanon Blossoms into Demands for Reform

Calls for political reform, however, collide with country’s entrenched, sectarian-based political system.

China’s World

Markets? To Xi Jinping, Another Battle Comes First

Those who think a wilting economy and stock-market turmoil may divert Xi Jinping’s focus from his anticorruption campaign misunderstand his priorities, writes Andrew Browne. 54

Syriza’s Poll Lead Narrows Ahead of Election

Greece’s left-wing Syriza party is leading against its main political rival ahead of next month’s elections, according to four polls published on Friday, though the gap with the conservative New Democracy party has closed considerably.

Brazil’s Big Bet on China Turns Sour

Brazil’s big bet on China is turning sour as the Asian country’s once voracious appetite for Brazilian exports dims.

Ukraine’s U.S.-Born Finance Minister Praised for Persistence

Natalie Jaresko led months of tense negotiations with creditors, clocking thousands of air miles to reach a debt-relief deal that should help secure further bailout funds from the International Monetary Fund.

Mansion

A Swedish Couple’s Lakeside Oasis

Entrepreneur Olof Sköld and his partner, Helene Carson, build a retreat for their family

Technology

Pentagon Advances Partnership with Tech Firms for Flexible Electronics

The Pentagon will contribute seed money to a consortium of Silicon Valley firms to develop what defense officials say is a promising new technology incorporating “flexible” electronics.

China’s Moves Won’t Help U.S. Tech Firms

China’s moves to spur its slowing economy are having an important but less obvious effect on the tech sector: Strengthening local companies that already were making life difficult for U.S. rivals.