The summit kicks off today in Brussels with European leaders looking to write the fiscal terms of a new treaty, push forward the permanent European bailout fund (the European Stability Mechanism) and fix the three-year-old debt crisis that is plaguing Greece.
Closer to home, the January employment data are due out Friday morning. The expectations are wide-ranging, but December saw U.S. payrolls grow by a solid 200,000 and the unemployment rate dip to 8.5%.
Wall Street may also find itself "liking" Facebook this week. The Wall Street Journal reports that the social media giant may file registration papers for an IPO on Wednesday, meaning an initial public offering slated for spring. That's just in time for CEO Mark Zuckerberg's 28th birthday in May - he's already valued by Forbes magazine at $17.5 billion.
The Facebook IPO will reportedly raise $10 billion and value the company at up to $100 billion, putting it on par with McDonald's (NYSE:MCD), Bank of America (NYSE:BAC), and Amazon (NASDAQ:AMZN). Kathleen Smith, principal of IPO investment adviser Renaissance Capital, says, "We are expecting 2012 to be a year of recovery for the IPO market led by the Facebook IPO. At a $10 billion expected deal size, Facebook will be the ... largest Internet IPO ever."
With one in nine people in the world using Facebook, the company has been an industry changer. It will be interesting to see the financial information it reveals in the regulatory filing, when many on Wall Street can learn just how Facebook makes its money.