1. G20 meeting takes center stage

G20 finance ministers and central bankers were gathered Friday in Baden-Baden, Germany for a two-meeting.

In what will be U.S. Treasury Secretary Steven Mnuchin’s first official appearance after being appointed by U.S. President Donald Trump, he is widely expected to put pressure on China, Japan, Germany and other G-20 members to keep their promise to not use their exchange rates for competitive gains.

Officials are also expected to put free trade high on the agenda given Trump’s protectionist rhetoric.

2. Trump and Merkel meeting

Trump’s calendar will be replete with activities with German Chancellor Angela Merkel on Friday as the U.S. President meets with the leader of the euro zone’s number one economy.

Tensions may be high as Trump criticized Merkel during his campaign for “ruining Germany” due to her acceptance of a large number of refugees, while the German chancellor later shot back with criticism over the travel ban.

Meanwhile, German economy minister Brigitte Zypries said on Deutschlandfunk radio on Friday that Germany could file a suit against U.S. President Donald Trump over a proposed border tax.

Trade negotiations, along with discussions over NATO, are expended to be high on the agenda as Merkel seeks to gauge Trump’s protectionist rhetoric.

Both leaders are scheduled to give for a joint press conference at 18:20 GMT.

3. U.S. data on tap

In the data spotlight for Friday’s session, market players will digest the data on March consumer sentiment from the University of Michigan at 14:00 GMT with experts expecting the preliminary reading to tick up to 97.0, from February’s 96.3.

Also on watch, industrial production for February will be released 13:15 GMT.

While waiting for Friday’s data, the dollar continued to drop against major rivals, on track for weekly losses of around 1% after the Federal Reserve said Wednesday it was unlikely to speed up monetary tightening.

4. Global stocks mixed

Global stocks showed mixed trade on Friday as investors kept an eye on the meeting of G20 central bankers and finance ministers in Germany.

U.S. futures pointed to a flat open with mixed signs, though Wall Street was still on track to eke out slight weekly gains.

At 10:05 GMT, the blue-chip Dow futures pulled back 0.04%, S&P 500 futures slipped 0.02% and the Nasdaq 100 futures inched up 0.02%.

European stocks traded mixed, after hitting record levels on Thursday. The benchmark Euro Stoxx 50 gained 0.25% and London’s FTSE 100 inched up 0.03%, though Germany’s DAX lost 0.13%.

Earlier, Asia ended lower with Chinese stocks off 0.97% and Japan’s Nikkei down 0.35%.