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Stocks Tumble on Weak Chinese Data

U.S. stocks tumbled Tuesday after weak manufacturing data in China fueled investors’ worries about the world’s second-largest economy. 119

Hungary Clears Migrants From Train Station

Authorities cleared hundreds of people from the country’s main international railway station, prompting noisy protests by migrants who have crowded the building in a push to get to Austria and Germany. 98

Greek Polls Suggest Tough Election Test for Tsipras

Opinion polls show declining support for Greece’s Syriza party and its leader, Alexis Tsipras. But Syriza retains a lead over its opponents and the Sept. 20 election could be tight.

China Imposes New Controls to Keep Money From Leaving Country

China is imposing fresh controls to prevent too much money from leaving the country, in an effort to keep badly needed funds at home.

South African Gold Faces Uncertain Future

South Africa’s gold mining industry must undergo radical change to cope with falling prices, intensifying labor disputes and the surging cost of ever-deeper exploration.

Pope to Ease Way for Church to Forgive Abortion in ‘Year of Mercy’

Pope Francis will make it easier for priests to forgive women for having had abortions, and those who assisted, during a “year of mercy” starting Dec. 8. 216

EU Set to Extend Sanctions on Russians, Ukraine Rebels

The EU is set to roll over until mid-March sanctions targeted against almost 200 Russian and Ukrainian-separatist individuals and firms to keep pressure on Moscow to fully implement the Minsk cease-fire terms by year end.

Apple’s Ian Rogers Is Going to LVMH

LVMH Moët Hennessy Louis Vuitton has recruited Ian Rogers, a key executive from Apple, to spearhead the expansion of the luxury goods giant’s online retail presence.

U.S. Report Finds Economic Benefit in Allowing Oil Exports

A Obama administration study has concluded that lifting the nation’s four-decade ban on exports of U.S. oil wouldn’t raise gas prices and could help lower them.

Whirlpool Mulls Rival Bid for Oven-Maker AGA

Whirlpool has approached AGA Rangemaster, the iconic British maker of cast-iron ovens, over a possible cash bid, turning up the heat on Middleby Corp. which agreed in July to buy AGA for $198 million.

Iran Deal Could Open Door to Gulf Businesses

While executives in the Gulf see opportunities, the region’s governments remain at loggerheads on other issues.

Valeant Strikes Psoriasis-Drug Pact With AstraZeneca

Canada’s Valeant Pharmaceuticals has struck a deal with AstraZeneca of the U.K. to develop and sell psoriasis treatment brodalumab.

Heard on the Street

In a World Awash with Gas, Why Finding More is Good for Eni

Italy’s Eni has found a big gas field in Egypt. That highlights its strengths as the company also gets its financial house in order.

Service Providers See Gold in Shares of Startups

Branding firm Red Antler is among vendors that are looking to profit on the soaring valuations of young startups by taking payment in stock instead of cash.

Portuguese Central Bank Ends Talks With Anbang Over Novo Banco Sale

Portugal’s central bank will now enter talks with another bidder for the Portuguese bank created out of failed lender Banco Espírito Santo last year.

Main Suspect in Bangkok Bombing Arrested

Thailand’s prime minister said security forces arrested a man whom they believe to be the primary suspect in the bombing of a shrine in Bangkok last month.

China’s World

In China’s Heartland, Small Cities Flourish

Fengdu on the Yangtze River is one of hundreds of smaller Chinese cities still bursting with consumer vitality. It’s if these striving cities lose momentum that China is in danger of failing, writes Andrew Browne.

Kiev Death Toll Rises After Monday’s Clashes

The death toll from Monday’s blast outside Ukraine’s parliament has risen to three.

Clerk Defies Court, Denies Gays Marriage Licenses

A county clerk in Kentucky who has invoked “God’s authority” and is defying the U.S. Supreme Court by refusing to license same-sex marriage has been summoned to explain to a federal judge why she shouldn’t face stiff fines or jail time. 379

Lebanese ‘YouStink’ Activists Stage a Sit-In

Dozens of protesters staged a sit-in outside the office of the environment minister in central Beirut, after he refused to meet demands to resign over uncollected trash piling up in the city streets.

Technology

Russia Puts Off Data Showdown With Technology Firms

Facebook, Google and Twitter are among the U.S. companies that are getting more time to comply with a new law requiring Russian data centers.

Sports

Are You Good Enough to Be a Tennis Line Judge?

Watch a series of shots at full speed and decide whether each was in or out. Some will be traveling upwards of 100 miles per hour and you only get one chance to make the call. Good luck!

Soccer

FIFA May Weaken Its Executive Committee

The executive committee of FIFA, soccer’s world governing body, will be the first target of major reforms when the organization meets in Zurich next month.

Video

Hungary Stops Migrants Boarding Trains To Germany

1:46

Ukraine Protest Blast Kills Officer, Injures Dozens

0:45

Body Count Rises in Migrant Effort to Reach Europe

1:38

What to Watch for After Skin Cancer

Skin cancer is afflicting more people, and research shows patients who have had non-melanoma skin cancers are at increased risk of recurrence.

Art

New Facial Details Surface Beneath a Rembrandt

Conservators at the Getty shed new light on an image hidden under “An Old Man in Military Costume.”

IMAGE 1 of 12

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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

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    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

Stocks Tumble on Weak Chinese Data

U.S. stocks tumbled Tuesday after weak manufacturing data in China fueled investors’ worries about the world’s second-largest economy. 119

Hungary Clears Migrants From Train Station

Authorities cleared hundreds of people from the country’s main international railway station, prompting noisy protests by migrants who have crowded the building in a push to get to Austria and Germany. 98

Greek Polls Suggest Tough Election Test for Tsipras

Opinion polls show declining support for Greece’s Syriza party and its leader, Alexis Tsipras. But Syriza retains a lead over its opponents and the Sept. 20 election could be tight.

China Imposes New Controls to Keep Money From Leaving Country

China is imposing fresh controls to prevent too much money from leaving the country, in an effort to keep badly needed funds at home.

South African Gold Faces Uncertain Future

South Africa’s gold mining industry must undergo radical change to cope with falling prices, intensifying labor disputes and the surging cost of ever-deeper exploration.

Pope to Ease Way for Church to Forgive Abortion in ‘Year of Mercy’

Pope Francis will make it easier for priests to forgive women for having had abortions, and those who assisted, during a “year of mercy” starting Dec. 8. 216

EU Set to Extend Sanctions on Russians, Ukraine Rebels

The EU is set to roll over until mid-March sanctions targeted against almost 200 Russian and Ukrainian-separatist individuals and firms to keep pressure on Moscow to fully implement the Minsk cease-fire terms by year end.

Apple’s Ian Rogers Is Going to LVMH

LVMH Moët Hennessy Louis Vuitton has recruited Ian Rogers, a key executive from Apple, to spearhead the expansion of the luxury goods giant’s online retail presence.

U.S. Report Finds Economic Benefit in Allowing Oil Exports

A Obama administration study has concluded that lifting the nation’s four-decade ban on exports of U.S. oil wouldn’t raise gas prices and could help lower them.

Whirlpool Mulls Rival Bid for Oven-Maker AGA

Whirlpool has approached AGA Rangemaster, the iconic British maker of cast-iron ovens, over a possible cash bid, turning up the heat on Middleby Corp. which agreed in July to buy AGA for $198 million.

Iran Deal Could Open Door to Gulf Businesses

While executives in the Gulf see opportunities, the region’s governments remain at loggerheads on other issues.

Valeant Strikes Psoriasis-Drug Pact With AstraZeneca

Canada’s Valeant Pharmaceuticals has struck a deal with AstraZeneca of the U.K. to develop and sell psoriasis treatment brodalumab.

Heard on the Street

In a World Awash with Gas, Why Finding More is Good for Eni

Italy’s Eni has found a big gas field in Egypt. That highlights its strengths as the company also gets its financial house in order.

Service Providers See Gold in Shares of Startups

Branding firm Red Antler is among vendors that are looking to profit on the soaring valuations of young startups by taking payment in stock instead of cash.

Portuguese Central Bank Ends Talks With Anbang Over Novo Banco Sale

Portugal’s central bank will now enter talks with another bidder for the Portuguese bank created out of failed lender Banco Espírito Santo last year.

Main Suspect in Bangkok Bombing Arrested

Thailand’s prime minister said security forces arrested a man whom they believe to be the primary suspect in the bombing of a shrine in Bangkok last month.

China’s World

In China’s Heartland, Small Cities Flourish

Fengdu on the Yangtze River is one of hundreds of smaller Chinese cities still bursting with consumer vitality. It’s if these striving cities lose momentum that China is in danger of failing, writes Andrew Browne.

Kiev Death Toll Rises After Monday’s Clashes

The death toll from Monday’s blast outside Ukraine’s parliament has risen to three.

Clerk Defies Court, Denies Gays Marriage Licenses

A county clerk in Kentucky who has invoked “God’s authority” and is defying the U.S. Supreme Court by refusing to license same-sex marriage has been summoned to explain to a federal judge why she shouldn’t face stiff fines or jail time. 379

Lebanese ‘YouStink’ Activists Stage a Sit-In

Dozens of protesters staged a sit-in outside the office of the environment minister in central Beirut, after he refused to meet demands to resign over uncollected trash piling up in the city streets.

Technology

Russia Puts Off Data Showdown With Technology Firms

Facebook, Google and Twitter are among the U.S. companies that are getting more time to comply with a new law requiring Russian data centers.

Sports

Are You Good Enough to Be a Tennis Line Judge?

Watch a series of shots at full speed and decide whether each was in or out. Some will be traveling upwards of 100 miles per hour and you only get one chance to make the call. Good luck!

Soccer

FIFA May Weaken Its Executive Committee

The executive committee of FIFA, soccer’s world governing body, will be the first target of major reforms when the organization meets in Zurich next month.

Video

Hungary Stops Migrants Boarding Trains To Germany

1:46

Ukraine Protest Blast Kills Officer, Injures Dozens

0:45

Body Count Rises in Migrant Effort to Reach Europe

1:38