Boeing will cut 10% of its global workforce, or roughly 17,000 jobs, and warned of deeper losses in its operations as a machinist strike compounds problems brewing at the jet maker for years. Along with the job cuts, the manufacturing giant said it would further delay the launch of a new airplane, the 777X, that is already years behind schedule. It will also discontinue the 767 cargo plane. Boeing will book $3 billion of pretax charges tied to the two jet programs and another $2 billion in write-offs tied to several troubled programs in its defense unit. The charges will result in a quarterly net loss of roughly $6 billion. They are the biggest moves so far by Chief Executive Kelly Ortberg, who took over the company in August, to revamp an American company that has struggled with production issues and been burning through its cash. Negotiations between Boeing and union leaders broke down this week, eroding hopes of a quick end to a strike that has halted production of most airplanes. Credit-rating firms have warned that the company needs to preserve cash and could be downgraded to junk levels.

The Swiss stock market ended on a positive note on Friday. After hesitating in the morning, the indices settled into the green and the SMI finished well above the symbolic 12,100-point mark. However, investors remain cautious ahead of further details on the Chinese government's stimulus measures and in view of the conflict in the Middle East. The SMI ended up 0.64% at 12,154.73 points, with a high of 12,176.39 and a low of 12,049.68. The SLI gained 0.54% to 1988.91 points and the SPI 0.58% to 16,211.07 points. Of the 30 leading stocks, 22 rose and 8 fell. ABB and Zurich Insurance (both +1.3%) shared top spot, ahead of the good Schindler (+1.1%) and UBS and Roche (both +0.9%). The other two heavyweights Novartis (+0.8%) and Nestlé (+0.2%) also gained more or less ground. On the losing side, Straumann (-1.1%) finished bottom of the table, behind Swatch Group (-0.7%) and Swisscom and Givaudan (both -0.2%).

Europe
After showing a lack of direction early in the session, European stocks moved mostly higher over the course of the trading day on Friday. In regional economic news, German consumer price inflation eased further as initially estimated in September to the lowest level in just over three-and-a-half years, Destatis reported earlier today. The consumer price index registered an annual increase of 1.6 percent in September, slower than the 1.9 percent rise in August. Elsewhere, official data showed the U.K. economy returned to growth in August, but the pace of expansion was weaker than in the first half of the year. The real economy grew 0.2 percent in August after showing nil growth in July and June, the Office for National Statistics said. The rate came in line with expectations. The pan European STOXX 600 Index climbed 0.6 percent after falling 0.2 percent in the previous session. The German DAX Index advanced by 0.9 percent and the French CAC 40 Index rose by 0.5 percent, while the U.K.'s FTSE 100 Index edged up by 0.2 percent. In corporate news, Saga soared more than 9 percent in London after an update that it is in exclusive talks with Ageas SA/NV to form a 20-year motor and home insurance partnership and sell its underwriting business. Oxford Metrics surged by 7.0 percent after it announced the strategic acquisition of The Sempre Group Holdings Ltd, a measurement specialist that offers high precision metrology solutions. German online retailer Zalando jumped by 1.2 percent after raising its financial outlook for 2024. Meanwhile, Recruiter Hays fell by 1.1 percent after forecasting a decrease in first-half operating profit from the previous six-month period. Energy giant BP edged lower on the day after releasing its third quarter 2024 trading statement.

United States
Following the modest pullback seen in the previous session, stocks showed a strong move back to the upside during trading on Friday. The Dow jumped 409.74 points or 1.0 percent to 42,863.86, the S&P 500 climbed 34.96 points or 0.6 percent to 5,815.03 and the Nasdaq rose 60.89 points or 0.3 percent to 18,342.94. For the week, the Dow surged by 1.2 percent, while the Nasdaq and the S&P 500 both shot up by 1.1 percent. The strength on Wall Street partly reflected a positive reaction to a Labor Department report showing producer prices in the U.S. were unexpectedly unchanged in September. The Labor Department said its producer price index for final demand came in flat in September after rising by 0.2 percent in August. Economists had expected producer prices to inch up by 0.1 percent. JPMorgan Chase (JPM) jumped by 4.4 percent after reporting third quarter results that exceeded analyst estimates on both the top and bottom lines. Meanwhile, a steep drop by shares of Tesla (TSLA) limited the upside for the Nasdaq, with the electric vehicle maker plunging by 8.8 percent amid a negative reaction to its long-awaited robotaxi event.

Asia
The majority of stock markets in East Asia and Australia posted gains on Thursday. However, trading on the Chinese stock exchanges is very volatile. There is no trading in Japan due to a public holiday. Investors are focusing on the further economic stimulus measures announced by the Chinese Ministry of Finance on Saturday. It is criticized that no concrete details of the package are yet known. The package is causing strong price gains on the Shanghai stock exchange. The Shanghai Composite rose by 1.7 per cent, while the Hang Seng Index in Hong Kong fell by 0.4 per cent.

Bonds
Yields barely moved on the US bond market. The yield on ten-year US government bonds nevertheless rose to 4.09 per cent, climbing for the eighth day in a row - the longest upward phase since January 2021.

Analysis
UBS raises Delivery Hero target to EUR 50 (40) – Buy
Dt. Bank lowers Südzucker target to EUR 12 (13) – Hold
Citi lowers Thyssenkrupp target to EUR 5.80 (6) – Buy

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