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Tribunal Finds Suzuki-VW Alliance Has Terminated

An arbitrator has ruled that an alliance between Suzuki Motor and VW has been terminated and ordered the German car maker to dispose of its 19.9% stake in Suzuki.

Four Men to Face Charges Over Migrant Deaths

A Hungarian court said four men could face up to 16 years in prison for alleged people trafficking in connection with the deaths of 71 migrants found in an abandoned truck.

Turkey Bombs Islamic State Targets in Syria as Part of U.S.-Led Coalition

Turkish jets bombed Islamic State targets in Syria under the umbrella of the U.S.-led international coalition for the first time, the country’s government said, as Turkey expands its fight against the extremist group.

Thousands March Against Lebanon Government

A demonstration in Beirut against poor waste management blossomed into full-throated demands that Lebanon’s long-standing political class step down from power.

Volunteer Melinda McRostie speaks to migrants who just arrived on the Greek island of Lesbos.

Volunteer Melinda McRostie speaks to migrants who just arrived on the Greek island of Lesbos.

Financially Strapped Greece Struggles With a Flood of Refugees

On the island of Lesbos, volunteers shore up efforts to house and feed tens of thousands of migrants.

Stock Swings Don’t Shake Investors

Stock indexes’ wildest week in years rattled investors and fueled expectations for further price swings, but it failed to squelch the belief U.S. markets remain the best place to put money. 58

Fed’s Fischer: ‘Good Reason’ to Think U.S. Inflation Will Move Higher

The Fed‘s Stanley Fischer said there is “good reason” to think sluggish U.S. inflation will firm and move back toward the U.S. central bank’s 2% annual target, touching on a significant assessment facing the Fed ahead of its September policy meeting. 69

Egyptian Court Sentences Al Jazeera Journalists

An Egyptian judge sentenced a trio of Al Jazeera English journalists to three years in prison, prompting fresh criticism of the government’s clampdown on press and political freedoms.

France, Germany Warn Putin on Ukraine Separatist Elections

Leaders of France and Germany told Russian President Vladimir Putin that rebel-run elections conducted in the separatist-controlled regions of Ukraine would endanger the so-called Minsk peace process. 52

Rice to Press Pakistan on Antiterror Vigilance

National security adviser Susan Rice is set to arrive in Pakistan on Sunday to press the country’s government to do more to prevent terrorists from using its territory as a base for attacks on neighboring states.

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

The U.S. military allowed The Wall Street Journal to visit a variety of commando units, offering a glimpse into what may be the last fighting season of America’s longest war. 70

Foreign Man Arrested in Bangkok Blast Probe

Thai police said they arrested a foreign man whom they described as a suspect in this month’s deadly bombing of a Bangkok shrine that is popular with Chinese tourists.

Buying the Dips Doesn’t Work for Everyone

The old strategy of buying the dips may not work for everyone. In fact, for some people, it could be disastrous, writes Jason Zweig.

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.

Myanmar Buzz Fades for Many U.S. Investors

Disenchantment with the business climate, especially among American companies, comes as concerns are spreading about Myanmar’s political future.

A ‘Black Swan’ Fund Made $1 Billion This Week

Universa Hedge Fund, a well-known ‘black swan’ fund, made more than $1 billion in profits in one week amid volatility. 53

Inmarsat Says Russian Proton Rocket Puts Satellite Into Orbit

Inmarsat declared the launch of a Russian Proton rocket carrying one of its satellites a success after the rocket delivered its cargo into its initial orbit position.

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.

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.

Rebekah Brooks to Return to News Corp

Rebekah Brooks is expected to head News Corp’s U.K. division, a position similar to one she resigned from amid the phone-hacking scandal. Separately, Britain’s Crown Prosecution Service is reviewing a police referral related to the hacking probe.

U.S.

Senate Foreign Relations Committee Chairman Bob Corker (R., Tenn.), right, listens to Sen. John Barrasso (R., Wyo.) last month in Washington, D.C.

Foes Try New Ways To Attack Iran Deal

Congressional opponents of the Iranian nuclear accord are devising a Plan B as President Obama moves closer to locking up the support needed to implement the deal. 677

Book Reviews

Stieg Larsson’s Heroine Lives Again

David Lagercrantz’s “The Girl in the Spider’s Web” revives Lisbeth Salander in fitting style.

World War II’s Greatest Escape

Allied prisoners broke out of a German camp using ladders inspired by medieval siege tools.

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

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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

Tribunal Finds Suzuki-VW Alliance Has Terminated

An arbitrator has ruled that an alliance between Suzuki Motor and VW has been terminated and ordered the German car maker to dispose of its 19.9% stake in Suzuki.

Four Men to Face Charges Over Migrant Deaths

A Hungarian court said four men could face up to 16 years in prison for alleged people trafficking in connection with the deaths of 71 migrants found in an abandoned truck.

Turkey Bombs Islamic State Targets in Syria as Part of U.S.-Led Coalition

Turkish jets bombed Islamic State targets in Syria under the umbrella of the U.S.-led international coalition for the first time, the country’s government said, as Turkey expands its fight against the extremist group.

Thousands March Against Lebanon Government

A demonstration in Beirut against poor waste management blossomed into full-throated demands that Lebanon’s long-standing political class step down from power.

Volunteer Melinda McRostie speaks to migrants who just arrived on the Greek island of Lesbos.

Volunteer Melinda McRostie speaks to migrants who just arrived on the Greek island of Lesbos.

Financially Strapped Greece Struggles With a Flood of Refugees

On the island of Lesbos, volunteers shore up efforts to house and feed tens of thousands of migrants.

Stock Swings Don’t Shake Investors

Stock indexes’ wildest week in years rattled investors and fueled expectations for further price swings, but it failed to squelch the belief U.S. markets remain the best place to put money. 58

Fed’s Fischer: ‘Good Reason’ to Think U.S. Inflation Will Move Higher

The Fed‘s Stanley Fischer said there is “good reason” to think sluggish U.S. inflation will firm and move back toward the U.S. central bank’s 2% annual target, touching on a significant assessment facing the Fed ahead of its September policy meeting. 69

Egyptian Court Sentences Al Jazeera Journalists

An Egyptian judge sentenced a trio of Al Jazeera English journalists to three years in prison, prompting fresh criticism of the government’s clampdown on press and political freedoms.

France, Germany Warn Putin on Ukraine Separatist Elections

Leaders of France and Germany told Russian President Vladimir Putin that rebel-run elections conducted in the separatist-controlled regions of Ukraine would endanger the so-called Minsk peace process. 52

Rice to Press Pakistan on Antiterror Vigilance

National security adviser Susan Rice is set to arrive in Pakistan on Sunday to press the country’s government to do more to prevent terrorists from using its territory as a base for attacks on neighboring states.

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

The U.S. military allowed The Wall Street Journal to visit a variety of commando units, offering a glimpse into what may be the last fighting season of America’s longest war. 70

Foreign Man Arrested in Bangkok Blast Probe

Thai police said they arrested a foreign man whom they described as a suspect in this month’s deadly bombing of a Bangkok shrine that is popular with Chinese tourists.

Buying the Dips Doesn’t Work for Everyone

The old strategy of buying the dips may not work for everyone. In fact, for some people, it could be disastrous, writes Jason Zweig.

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.

Myanmar Buzz Fades for Many U.S. Investors

Disenchantment with the business climate, especially among American companies, comes as concerns are spreading about Myanmar’s political future.

A ‘Black Swan’ Fund Made $1 Billion This Week

Universa Hedge Fund, a well-known ‘black swan’ fund, made more than $1 billion in profits in one week amid volatility. 53

Inmarsat Says Russian Proton Rocket Puts Satellite Into Orbit

Inmarsat declared the launch of a Russian Proton rocket carrying one of its satellites a success after the rocket delivered its cargo into its initial orbit position.

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.

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.

Rebekah Brooks to Return to News Corp

Rebekah Brooks is expected to head News Corp’s U.K. division, a position similar to one she resigned from amid the phone-hacking scandal. Separately, Britain’s Crown Prosecution Service is reviewing a police referral related to the hacking probe.

U.S.

Senate Foreign Relations Committee Chairman Bob Corker (R., Tenn.), right, listens to Sen. John Barrasso (R., Wyo.) last month in Washington, D.C.

Foes Try New Ways To Attack Iran Deal

Congressional opponents of the Iranian nuclear accord are devising a Plan B as President Obama moves closer to locking up the support needed to implement the deal. 677

Book Reviews

Stieg Larsson’s Heroine Lives Again

David Lagercrantz’s “The Girl in the Spider’s Web” revives Lisbeth Salander in fitting style.

World War II’s Greatest Escape

Allied prisoners broke out of a German camp using ladders inspired by medieval siege tools.

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