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ECB Willing to Expand Stimulus Amid Growth Worry

ECB President Mario Draghi indicated that the bank stands ready to expand its stimulus programs and projected slower-than-expected economic growth in the eurozone, as well as lower inflation rates.

Stocks Pare Gains Ahead of U.S. Jobs Data

U.S. stocks’ gains receded despite a strong rally in Europe, as investors focused on coming U.S. employment data.

Image of Syrian Boy Echoes Around World

Photos of a Syrian boy whose body washed ashore on a Turkish beach horrified people around the world as Europe’s migrant crisis escalates.

The 3-year-old was a Syrian Kurd whose family’s efforts to emigrate to Canada had been rebuffed, according to media and Kurdish activists. 376

Hungary’s Leader Says Migrant Crisis Is Germany’s Problem

Hundreds of migrants rushed trains at Hungary’s main station as Prime Minister Viktor Orban blamed Germany for Europe’s migration crisis and warned that border-free travel within the bloc is at risk. 152

Syrians Take Arctic Route to Europe

More than 150 refugees have entered Norway from Arctic Russia this year—a fraction of the estimated half-million people who have sought asylum in Europe, but the flow is quickening as Syrians share the tip for a cheaper and safer route.

Former Saab Board Members Hit With Forgery Charges

Former CEO Jan-Ake Jonsson and head lawyer Kristina Geers deny falsifying data to justify huge payments before car maker went bankrupt.

Vivendi Chairman Ousts Longtime Chief of Canal Plus

French billionaire and Vivendi Chairman Vincent Bolloré has ousted the longtime chief of Canal Plus, further tightening his grip over the Vivendi-owned pay-TV group amid falling subscriber numbers.

Novartis to Begin Selling Copy of Amgen’s Neupogen in U.S.

Novartis said it will begin selling the first biosimilar drug in the U.S. at a 15% discount to the original after an appeals court denied Amgen’s request to block the Swiss drug maker’s sale of its copycat version of blockbuster remedy Neupogen.

Syngenta Moves to Calm Disappointed Shareholders

Syngenta moved to appease shareholders angered by its rejection of a takeover from Monsanto, saying it will divest its global vegetables seeds business and return more than $2 billion to shareholders.

Capital Account

For Russia, Oil Collapse Has Soviet Echoes

For most countries, the economic slowdown in China and the accompanying slump in commodity prices represent something between nuisance and pothole. For Russia, they are a catastrophe, writes Greg Ip. 94

Devaluation Strengthens China’s Hand at IMF

Beijing’s careful management of its currency since its devaluation last month is bolstering China’s bid to get the yuan included in the IMF’s basket of reserve currencies as soon as November.

Russia Says Economy Recovery Slow in Coming

The Russian government has acknowledged that the country’s economy is going to take longer to recover than it previously expected, weighed down by the slump in the value of the ruble.

Sweden Leaves Interest Rate Unchanged

Sweden’s central bank has left its main interest rate and bond-buying program unchanged, saying its existing policies were supporting the economy and would lead to inflation moving closer to its 2% target.

Middle East Crossroads

Yemen’s Unity Frays in Leaderless Aden

The battles of recent months have reopened historic divisions between Yemen’s north and south, writes Yaroslav Trofimov.

Iran’s Khamenei Urges Lawmakers to Vote on Nuclear Deal

Iran’s Supreme Leader Ayatollah Ali Khamenei has urged the country’s parliament to vote on whether to implement a proposed nuclear deal with the U.S. and five other world powers.

NATO Opens Military Post in Lithuania

The North Atlantic Treaty Organization inaugurated a new command post in Lithuania, one of six across the alliance’s eastern border meant to shore up the region’s defenses against Russia.

French Government Pledges More Help for Farmers

France’s government has pledged to increase aid for agriculture, after thousands of farmers converged on Paris and blocked the city’s streets with more than 1,500 tractors to protest against high costs and low prices.

Off Duty

Adventure & Travel

Not Far From Prague, a Czech Village Worth Rhapsodizing About

The frozen-in-time town of Český Krumlov has scenery and history—and beer—that keeps travelers coming back.

Markets

Krom River Closes Commodity Hedge Fund

Commodity hedge fund Krom River, which managed around $1 billion at its peak, is returning money to investors as it plans a shift in focus following a tough period for commodities funds.

Foreign Firms Feel China’s Chill

Market turmoil and Beijing’s crackdown on brokers and investors is complicating the plans of foreign funds and investment banks that had bet on bigger business in China.

Video

Father of Drowned Syrian Boy Describes His Sorrow

1:52

Armed Police Remove Migrants From Train in Hungary

0:53

Migrant Crisis: The Schengen Agreement Explained

1:55

20 Odd Questions

Manolo Blahnik on Old Films and Kate Moss

The shoe designer on what he’d blow his money on, the drama behind Kate Moss’s wedding shoes and exactly how he feels about fake Manolos.

A Modigliani Painting for $100 Million?

Christie’s International said it expects to ask roughly $100 million for a Modigliani nude that will be auctioned this fall, a bold reflection of how prices for blue-chip paintings have skyrocketed in recent seasons.

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?

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

ECB Willing to Expand Stimulus Amid Growth Worry

ECB President Mario Draghi indicated that the bank stands ready to expand its stimulus programs and projected slower-than-expected economic growth in the eurozone, as well as lower inflation rates.

Stocks Pare Gains Ahead of U.S. Jobs Data

U.S. stocks’ gains receded despite a strong rally in Europe, as investors focused on coming U.S. employment data.

Image of Syrian Boy Echoes Around World

Photos of a Syrian boy whose body washed ashore on a Turkish beach horrified people around the world as Europe’s migrant crisis escalates.

The 3-year-old was a Syrian Kurd whose family’s efforts to emigrate to Canada had been rebuffed, according to media and Kurdish activists. 377

Hungary’s Leader Says Migrant Crisis Is Germany’s Problem

Hundreds of migrants rushed trains at Hungary’s main station as Prime Minister Viktor Orban blamed Germany for Europe’s migration crisis and warned that border-free travel within the bloc is at risk. 152

Syrians Take Arctic Route to Europe

More than 150 refugees have entered Norway from Arctic Russia this year—a fraction of the estimated half-million people who have sought asylum in Europe, but the flow is quickening as Syrians share the tip for a cheaper and safer route.

Former Saab Board Members Hit With Forgery Charges

Former CEO Jan-Ake Jonsson and head lawyer Kristina Geers deny falsifying data to justify huge payments before car maker went bankrupt.

Vivendi Chairman Ousts Longtime Chief of Canal Plus

French billionaire and Vivendi Chairman Vincent Bolloré has ousted the longtime chief of Canal Plus, further tightening his grip over the Vivendi-owned pay-TV group amid falling subscriber numbers.

Novartis to Begin Selling Copy of Amgen’s Neupogen in U.S.

Novartis said it will begin selling the first biosimilar drug in the U.S. at a 15% discount to the original after an appeals court denied Amgen’s request to block the Swiss drug maker’s sale of its copycat version of blockbuster remedy Neupogen.

Syngenta Moves to Calm Disappointed Shareholders

Syngenta moved to appease shareholders angered by its rejection of a takeover from Monsanto, saying it will divest its global vegetables seeds business and return more than $2 billion to shareholders.

Capital Account

For Russia, Oil Collapse Has Soviet Echoes

For most countries, the economic slowdown in China and the accompanying slump in commodity prices represent something between nuisance and pothole. For Russia, they are a catastrophe, writes Greg Ip. 94

Devaluation Strengthens China’s Hand at IMF

Beijing’s careful management of its currency since its devaluation last month is bolstering China’s bid to get the yuan included in the IMF’s basket of reserve currencies as soon as November.

Russia Says Economy Recovery Slow in Coming

The Russian government has acknowledged that the country’s economy is going to take longer to recover than it previously expected, weighed down by the slump in the value of the ruble.

Sweden Leaves Interest Rate Unchanged

Sweden’s central bank has left its main interest rate and bond-buying program unchanged, saying its existing policies were supporting the economy and would lead to inflation moving closer to its 2% target.

Middle East Crossroads

Yemen’s Unity Frays in Leaderless Aden

The battles of recent months have reopened historic divisions between Yemen’s north and south, writes Yaroslav Trofimov.

Iran’s Khamenei Urges Lawmakers to Vote on Nuclear Deal

Iran’s Supreme Leader Ayatollah Ali Khamenei has urged the country’s parliament to vote on whether to implement a proposed nuclear deal with the U.S. and five other world powers.

NATO Opens Military Post in Lithuania

The North Atlantic Treaty Organization inaugurated a new command post in Lithuania, one of six across the alliance’s eastern border meant to shore up the region’s defenses against Russia.

French Government Pledges More Help for Farmers

France’s government has pledged to increase aid for agriculture, after thousands of farmers converged on Paris and blocked the city’s streets with more than 1,500 tractors to protest against high costs and low prices.

Off Duty

Adventure & Travel

Not Far From Prague, a Czech Village Worth Rhapsodizing About

The frozen-in-time town of Český Krumlov has scenery and history—and beer—that keeps travelers coming back.

Markets

Krom River Closes Commodity Hedge Fund

Commodity hedge fund Krom River, which managed around $1 billion at its peak, is returning money to investors as it plans a shift in focus following a tough period for commodities funds.

Foreign Firms Feel China’s Chill

Market turmoil and Beijing’s crackdown on brokers and investors is complicating the plans of foreign funds and investment banks that had bet on bigger business in China.

Video

Father of Drowned Syrian Boy Describes His Sorrow

1:52

Armed Police Remove Migrants From Train in Hungary

0:53

Migrant Crisis: The Schengen Agreement Explained

1:55