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Morning Market Roundup: Facebook's IPO, UK Regs Could Chase Out Bank, China Ignores U.S. Dumping Ruling


Here’s what’s important in the business world this morning:

Facebook: Facebook is about to find out just how much status updates, puppy photos and billions of "likes" are worth on Wall Street.

Facebook's stock is set to begin trading on the Nasdaq Stock Market on Friday, the day after the world's definitive online social network raised $16 billion in an initial public offering that valued the company at $104 billion. That's more than and other well-known companies such as Kraft, Walt Disney and McDonald's.

It's a big windfall for a company that began eight years ago with no way to make money.

Facebook priced its IPO at $38 per share on Thursday, at the top of expectations. Now, regular investors will have a chance to buy stock in Facebook for the first time. The stock will trade under ticker symbol will be FB.

EU Crisis: Concerns that Europe's debt crisis could drag down parts of the continent's banking system rattled most global markets Friday, though social network Facebook's imminent IPO buoyed sentiment on Wall Street.

Ratings agency Moody's downgraded 16 Spanish banks late Thursday, three days after downgrading Italy's, noting they are vulnerable to huge losses on government debt.

In response to the growing crisis, leaders of eight of the world's biggest economies meet this weekend outside Washington, seeking to keep Europe's debt from spiraling out of control and jeopardizing fledgling recoveries in the U.S. and elsewhere.

The turmoil in Greece is draining confidence in the 17 countries that use the euro. Borrowing costs are up for the most indebted governments. Depositors and investors are fleeing banks seen as weak. Unemployment is soaring as recession grips nearly half the eurozone countries. And global markets are on edge.

China vs. U.S.: China's government on Friday rejected a U.S. antidumping ruling against its makers of solar power equipment and Chinese manufacturers warned possible higher tariffs might hurt efforts to promote clean energy.

The conflict has worsened U.S.-Chinese trade tensions. The two governments have pledged to cooperate in developing renewable energy but accuse each other of violating free-trade pledges by subsidizing their own manufacturers.

"The U.S. ruling is unfair, and the Chinese side expresses its extreme dissatisfaction," said a Commerce Ministry spokesman, Shen Danyang, in a statement.

U.K. Regs: HSBC may decide to sell its U.K. retail banking operations, depending on the impact of yet to be announced new banking regulations, published reports say.

The Times and the Financial Times reported Friday that the new British regulations, which are expected to include a rule requiring banks to ring-fence their retail operations to shield them from investment banking, could mean that the retail side would fall short of HSBC's profit targets.

If that happens, The Times quoted HSBC CEO Stuart Gulliver as saying "we might have to think about, do we sell it?"

In the past year, HSBC has sold 28 non-strategic businesses that did not meet profit targets. The latest disposal was of operations in Colombia, Peru, Uruguay and Paraguay.

The Associated Press contributed to this report.

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