Updated from 6 a.m. EST
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Here are five things you must know for Friday, Feb. 10:
1. -- U.S. stock futures rose and global stocks posted gains after Donald Trump promised he would soon cut taxes for businesses.
"Lowering the overall tax burden on American business is big league. That's coming along very well," the president said at a meeting Thursday with airline and airport executives. "We're way ahead of schedule, I believe. And we're going to announce something I would say over the next two or three weeks that will be phenomenal in terms of tax."
The three major U.S. stock indexes closed at record highs Thursday following Trump's comments.
Asian stocks finished higher Friday ahead of Trump's meetings over the weekend with Japanese Prime Minister Shinzo Abe. Japanese companies, worried about Trump's complaints over trade and exchange rates, hope Abe can get him to buy into a job creation and investment package, the Associated Press noted. Much better-than-expected trade data from China also boosted sentiment.
The economic calendar in the U.S. on Friday includes Export and Import Prices for January at 8:30 a.m. EST, the preliminary University of Michigan Sentiment Index for February at 10 a.m., and the Treasury Budget for January at 2 p.m.
2. -- The Trump administration's travel ban will remain on hold -- for now.
Reckitt Benckiser, which makes Lysol cleaners, Durex condoms and Mucinex cold medicine, will pay $90 a share for Glenview, Ill.-based Mead Johnson. Reckitt Benckiser said the total value of the transaction, including debt, will be $17.9 billion.
The bid price represents an 8.37% premium to Mead Johnson's closing price on Thursday, but is unchanged from the Feb. 2 price first floated by Reckitt Benckiser, which was a 30% premium at the time it was announced.
"The acquisition of Mead Johnson is a significant step forward in RB's journey as a leader in consumer health," the British consumer goods company said. "With the Enfa family of brands, the world's leading franchise in infant and children's nutrition, we will provide families with vital nutritional support. This is a natural extension to RB's consumer health portfolio of Powerbrands which are already trusted by millions of mothers, reinforcing the importance of health and hygiene for their families."
Expedia earned 51 cents a share in the quarter, a reversal from a year-earlier loss of 9 cents a share. Adjusted earnings in the fourth quarter were $1.17 cents a share; analysts expected $1.37.
Revenue rose 23% to $2.09 billion, topping forecasts of $2.07 billion.
Expedia said fourth-quarter gross bookings rose 8% to $16.1 billion. Room nights stayed increased 16%, excluding Orbitz, which saw a 1% decline in room nights.
Members of the Organization of the Petroleum Exporting Countries made production cuts in January equating to 90% of the agreed volumes, a record high for the first month of implementation for such deals, the IEA said in its report.
"Some producers, notably Saudi Arabia, (are) appearing to cut by more than required," the IEA said.
West Texas Intermediate crude oil gained 0.8% to $53.44 a barrel.