1. Global markets overview

Global stock markets are mostly positive right now. Investors are cheering a report showing China saw strong growth in imports and exports in January.

In the U.S., investors are getting excited after White House press secretary Sean Spicer said on Thursday that Trump is preparing "a comprehensive [tax] plan, something that we haven't seen since 1986."

The remarks are fueling expectations that tax cuts for individuals and businesses are coming soon.

U.S. stock futures are all rising. This comes after the Dow Jones industrial average, S&P 500 and Nasdaq all hit record highs on Thursday.

European markets are mostly positive in early trading. Nearly all major Asian markets ended the day with gains.

The dollar was also higher this Friday, as investors eyed the release of U.S. consumer sentiment data due later in the day and as recent comments by U.S. President Donald Trump continued to support.

2. Trump talks on East Asian countries

Investors are feeling optimistic as it seems President Trump may be toning down his rhetoric towards China.

Trump committed to honoring the "One China" policy in a phone call on Thursday evening with his Chinese counterpart Xi Jinping. Trump had previously upended decades of diplomatic protocol by taking a phone call with Taiwan's president.

Market commentators said Trump's acknowledgment of the "One China" policy is a positive move.

This "matters to investors because if China can bring about a change like this, it may succeed in softening other U.S. policy positions," said Paul Donovan, global chief economist at UBS Wealth Management.

Trump is due to meet Japanese Prime Minister Shinzo Abe later Friday at the White House.

The U.S. and Japan account for nearly a third of the global economy. Trade in goods and services between the world's No.1 and No. 3 economies was worth nearly $268 billion in 2015.

3. Consumer confidence ahead

The University of Michigan's consumer sentiment index for February is set to be released at 15:00 GMT. This is a preliminary reading and is later updated as the month progresses.

The January sentiment reading was the highest in the last 12 years and marked a slight uptick from December. Another strong report should support the USD currency.

4. Oil prices jump

Crude oil futures are getting a boost after the International Energy Agency said major oil producing nations are largely fulfilling their pledge to slash production.

Members in the oil cartel OPEC promised to slash production late last year. But there were doubts about whether all the countries would follow through.

The IEA report should reduce those doubts, at least for now. Crude prices are now roughly double where they stood a year ago.