A look at economic developments and activity in major stock markets around the world Wednesday:

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LONDON _ European and U.S. stock markets rose after a batch of stronger-than-anticipated U.S. economic data and as trading levels dried up ahead of the Thanksgiving holiday. Meanwhile, the dollar fell to a fresh 15-month low against the euro after the U.S. Federal Reserve indicated that interest rates will remain at super-low levels for a while yet and said the U.S. currency's decline had been "orderly." In Europe, the FTSE 100 index of leading British shares closed up 40.85 points, or 0.8 percent, at 5,364.81 while Germany's DAX rose 33.71 points, or 0.6 percent, to 5,803.02. The CAC-40 in France was 24.54 points, or 0.7 percent, higher at 3,809.16.

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CAIRO _ Dubai's government said it raised $5 billion by selling bonds and would seek a delay from creditors of a state-run conglomerate as the one-time Gulf Arab boomtown looks to juggle $80 billion in debts amassed in part from the splashy projects for which it has become famous. The bond issuance, in the form of conventional and Islamic bonds, was fully subscribed to by the National Bank of Abu Dhabi and Al Hilal Bank, the Dubai Finance Department said in a statement. Its value was determined by Dubai's "current needs and obligations," said the statement. Both banks are majority controlled by Abu Dhabi's government. In a twin announcement, the emirate also said it was restructuring Dubai World, a state-run conglomerate shouldering roughly $60 billion in debt, had appointed a new restructuring officer and that the company would ask creditors to delay maturity of its debts and those of its real estate arm until at least next May.

BERLIN _ Germany extended until the end of 2010 a program that allows companies to put workers on short work hours in an effort to avoid layoffs _ an arrangement credited with keeping unemployment down over recent months. A new survey, meanwhile, showed that consumer confidence in Europe's biggest economy is declining amid fears of job losses. Chancellor Angela Merkel's Cabinet approved a one-year extension of the short-work plan. However, it reduced to 18 months from two years the maximum period over which benefits can be paid. The benefits cover as much as 67 percent of the income that workers lose by being partially idled.

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