The National Times - US, European markets rise before Boeing unveils sweeping job cuts

On Wall Street, the Dow and S&P 500 rallied to fresh records, while the tech-rich Nasdaq also finished higher.

Shares in JPMorgan Chase jumped more than five percent after the bank reported lower profits which nevertheless topped estimates, with executives saying the economy was poised to avoid a recession.

"The bank earnings were an excuse to rally, not necessarily a reason to rally," said Steve Sosnick of Interactive Brokers. "Right now the market mentality is to rally, and it's going to do that... unless it has a reason not to, and there was no reason not to today."

EV maker Tesla's shares fell almost eight percent as investors were apparently disappointed by Elon Musk's presentation of a much-hyped Robotaxi without steering wheels or pedals, which was short on financial and technical details.

After the closing bell sounded in New York, the US aviation giant Boeing announced it was cutting 10 percent of its workforce as it projected a large third-quarter loss in the wake of a machinist strike in the Seattle region.

Chief executive Kelly Ortberg said the company must "reset our workforce levels to align with our financial reality," adding that the cuts "will include executives, managers and employees."

The firm's share price slipped in after-hours trading.

- European markets close higher -

The Paris and Frankfurt stock markets closed higher ahead of expectations that the European Central Bank (ECB) would plow ahead with its third interest rate cut of the year next week.

Fawad Razaqzada, market analyst at City Index and Forex.com, said the ECB is likely to reduce rates by 25 basis points -- half the size of the Fed's first rate cut in four years last month.

"Holding the ECB from being more aggressive in its rate-cutting is the still-strong wage growth in Eurozone, and the fact that the Fed has signaled it won't cut rates aggressively again following its initial 50 basis point rate cut," he said.

"Middle East tensions add another layer of uncertainty for Eurozone given that its largest member states are all net energy importers," he added.

London's FTSE 100 index rose as data showed the UK economy rebounded in August after stagnating for two months, giving a boost to the new Labour government weeks before its maiden budget.

In Asia, the Shanghai stock market closed more than 2.5 percent lower after a week dominated by concerns over a lack of detail on the scale of China's recent batch of stimulus measures.

The country's Finance Minister, Lan Fo'an, is expected to announce additional details during a fiscal policy briefing on Saturday.

"The stakes are high," Julian Evans-Pritchard, head of China economics at Capital Economics, wrote in an investor note. "Most observers agree that recent stimulus announcements won't amount to much unless backed up by fiscal support."

"Three factors will be key in determining the impact of stimulus: its scale, where it's channelled, and how soon it's deployed," he added.

Elsewhere, oil steadied after having surged more than three percent Thursday following the Israeli defense minister's vow that his country would strike Iran in retaliation for last week's missile attack.

- Key figures around 2100 GMT -

New York - Dow: UP 1.0 percent at 42,863.86 points (close)

New York - S&P 500: UP 0.6 percent at 5,815.03 (close)

New York - Nasdaq: UP 0.3 percent at 18,342.94 (close)

London - FTSE 100: UP 0.2 percent at 8,253.65 (close)

Paris - CAC 40: UP 0.5 percent at 7,577.89 (close)

Frankfurt - DAX: UP 0.9 percent at 19,373.83 (close)

Tokyo - Nikkei 225: UP 0.6 percent at 39,605.80 (close)

Shanghai - Composite: DOWN 2.6 percent at 3,217.74 (close)

Hong Kong - Hang Seng Index: Closed for holiday

Euro/dollar: UP at $1.0941 from $1.0935 on Thursday

Pound/dollar: UP at $1.3068 from $1.3058

Dollar/yen: UP at 149.09 yen from 148.58 yen

Euro/pound: DOWN at 83.70 pence from 83.73 pence

West Texas Intermediate: DOWN 0.4 percent at $75.56 per barrel

Brent North Sea Crude: DOWN 0.5 percent at $79.04 per barrel

A.Wood--TNT